www.marejournal.com Real Estate Journal — July 14 - 27, 2017 — 7A Muldowney and Margerum of CBRE’s Baltimore-based investment sales group rep seller The Donaldson Group &Dra Advisors acquire 126- unit apartment community in Temple Hills, MD T emple Hi lls , MD — The Donald- son Group (TDG) M id A tlantic
of Rockville and its equity partner, NY-based DRA Ad- visors LLC (DRA) , have acquired Brinkley Manor Apartments, a 126-unit gar- den-style apartment commu- nity located in Temple Hills. The acquisition price was ap- proximately $15.05 million, and the partnership plans to invest additional capital to renovate the property. Robert LaChapelle and Mat thew Forgione o f CBRE Debt & Structured Finance assisted the DRA- TDG partnership in obtaining acquisition financing through Fannie Mae’s Green Loan Program. The seller was represented by Michael Mul- downey and Brian Mar- gerum of CBRE’s Baltimore- based investment sales group. Residents at Brinkley Man- or enjoy a quaint, suburban neighborhood setting, but also have convenient ac- Wilmington, DE — Newmark Knight Frank (NKF) announced the sale of the 10.3-acre; 448,668 s/f parcel at the southeast corner of the Coastal Highway (Rte. 1) and Holland Glade Rd., in Rehoboth Beach, Sussex County. The $13.5 million sale represents the last large com- mercial land tract along the Rte. 1 corridor between Lewes and Rehoboth Beaches. Mike Margolis, Dave Dolan and Neal Dangello of NKF rep- resented the seller, the Cor- rado Family, LLC in the sales transaction. Coastal Station Development Co., LLC were the buyers. The site will be redeveloped with the first phase to begin immediately and will include a Royal Farms convenience store and Iron Hill Brewery and Restaurant (planned to open in summer 2018). The site is one of the last
Brinkley Manor Apartments
“The acquisition of Brinkley Manor Apartments presents us with an outstanding oppor- tunity to reposition a well-lo- cated apartment community in a strong rental market,” said Carlton Einsel , presi- dent of The Donaldson Group. “We are extremely pleased to have executed our first transaction with our partners at DRA Advisors LLC and we continue to seek similar
deals.” “This property has signifi- cant upside potential, and we look forward to creating value for both the residents and our partnership through our planned renovations,” said John Majeski , senior vice president of The Donaldson Group. “This is the type of project that plays directly to The Donaldson Group’s strengths.” n
cess to nearby destinations, including National Harbor and downtown Washington, DC, via the Capital Beltway (I-495) located just one mile from the property. Brinkley Manor is com- prised of 21 garden apart- ment buildings constructed in 1972. Its one-, two- and three-bedroom apartment homes range from 813 to 1,448 s/f in size, with each
apartment containing indi- vidual washers and dryers. TDG’s renovation plan will include replacing the cur- rent outdated utility system to improve service to the community’s residents and cutting energy consumption dramatically. The new own- ership also plans to upgrade buildings, common areas, property grounds, and reno- vate individual apartments.
Margolis, Dolan & Dangello of NKF arrange sale of retail/ mixed-use development site in Rehoboth Beach for $13.5m
Mike Margolis
Dave Dolan
Neal Dangello
major development sites with frontage along the Coastal Highway. Nearby develop- ments consist of successful re- tail centers as well as residen- tial communities in the form of apartments, condominiums and townhouse developments. It lies within a 1.5-mile section of Rte. 1 considered to be the most heavily developed com- mercial area in and around the Delaware beaches. With three Tanger Outlet Centers in the area, the location draws tour- ists and shoppers year-round.
The six-lane Rd.way has heavy traffic (39,000+ ADT) and lies near the entry to the beach towns of Lewes Beach, Re- hoboth Beach, Dewey Beach, Bethany Beach and Fenwick Island. Neal Dangello, senior man- aging director, commented that “NKF was able to achieve the $1.310M+ per acre high- water mark price by creatively structuring a lengthy due diligence period which allowed Coastal Station Development Co., LLC the time to design
Rehoboth Beach land site
the project and gain a portion of the approvals prior to clos- ing. As a result, they are able
to put shovels in the ground in the coming weeks following settlement.” n
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