Mid Atlantic Real Estate Journal — March 16 - 29, 2012 — 27A


L AY M O N T , D E — Marcus & Millic- hap Real Estate In- Thomson & Pierce executed on behalf of the seller Marcus & Millichap broker the $ 6.4m sale of the Water View Court Apartments C the most sought after asset class and with interest rates at an all time low, now is a great time to be a seller.’

portfolio acquisition in 2008, the REIT spent a significant amount of time and money to renovate and rebrand the Newark properties as Studio GreenApartments. The prop- erties sustained substantial unit renovations with the addition of a state-of-the-art clubhouse featuring a pool, lounge and indoor basketball court. “Water View Court was a market rate apartment complex that did not fit into the REIT’s portfolio of stu- dent housing properties” says Thomson. “We have worked with the client since the port- folio acquisition to assist in management strategies and help to determine the appro- priate time to sell,” he noted. “Apartments are currently

vestment Services, has an- nounced the sale of Water View Court Apartments, a 120 unit apartments prop- erty located in Claymont, DE, according to Spencer Yablon, Regional Manager of the firm’s Philadelphia office. The asset commanded a sale price of $6,400,000 or $53,333 per unit. Mark Thomson, Associate Vice President Investments, and Zachary Pierce, Associ- ate, both out of the Philadel- phia office of Marcus & Mil- lichap, successfully executed the marketing of the property on behalf of the seller, one of the nation’s largest student SILVER SPRING, MD — Last week McLean-based apartment developer Insight Property Group, with partner Nova-Habitat, Inc, settled on the Postal Service’s Sil- ver Spring Post Office site, located two blocks from the Silver Spring Metro Station at 8616 Second Avenue. In- sight plans to start construc- tion of its proposed 310 unit, $75,000,000 Class A apart- ment project on the former United States Post Service property in the 4th quarter of 2012. “This property is a gateway location in the Silver Spring Central Business District, with great access and visibil- ity”, according to Sarah Da- vidson, a partner at Insight. “Our residents will ride on Metro and walk to restau- rants, entertainment and ma- jor downtown employers.” The Silver Spring Post Office property is Insight’s eighth acquisition in the past two years. It represents the fourth Metro-oriented apartment de- velopment site purchased by the Company and the second in the last three months. In November, Insight acquired a large property in the emerg- ing H Street NE corridor of

Water View Court Apart- ments is located at 361 Har- bor Drive in Claymont, Dela- ware, with excellent visibility from I-495 and over 75,000 vehicles daily. The property consists of 24 one bedroom and 96 two bedroom units. At the time of the sale the property was in fair physical condition. However, during the marketing process, eco- nomic occupancy had slipped to the low 80 percent range. The buyer intends to stabilize the asset by making physical improvements and imple- menting a more hands-on management approach. ■

Water View Court Apartments

housing REITs. The buyer, a private investor, was also pro- cured by Thomson and Pierce. “Water ViewCourt was sold to the student housing REIT as part of a portfolio acquisition

sold by Marcus &Millichap in 2008,” says Pierce. “The port- folio consisted of 704 units in Newark, Delaware, close to the University of Delaware campus,” he added. Since the

Insight plans construction of 310 unit, $75m Class A apartment bldg.

Congressman Carney tours the first LEED store in New Castle

U.S. Representative John Carney, Paul Clark and a host of dignitaries

GLASGOW, DE — U.S. Rep- resentative John Carney, New Castle County Executive Paul Clark and other officials cut the ribbon at 2812 Pulaski Highway in Glasgow at what will be the first food facil- ity and the first convenience store to be LEED® certified in New Castle County. John Kemp, President of Royal Farms, thanked Emory Hill and Company of New Castle, more than 20 Delaware con- tractors and the many of- ficials who worked to make this state-of-the-art location a reality. “It’s always nice to see a busi- ness expanding in Delaware, particularly one that is a good corporate citizen and is focused on providing quality products while saving energy,”

said Congressman Carney. “I welcome Royal Farms to the Glasgow area, and am happy to hear that they will con- tinue to create jobs and grow throughout the state.” Emory Hill was the General Contractor for this energy and water efficient convenience store, which is to receive LEED® Certification. Emory Hill was also just awarded the contract to manage construc- tion of another Royal Farms in Georgetown, DE which will break ground soon. “We are happy to continue our relationship with Royal Farms as they build more locations within Delaware,” said Bob Liberato, Business Development Director and Chief Estimator for Emory Hill and Company. ■

8616 Second Avenue

Washington, DC. In addi- tion to the properties in the Company’s existing portfolio, Insight is under contract on several other development sites including property near an existing metro station in Fairfax County and another high-profile site on H Street, NE in Washington, DC. Last fall, Insight broke ground on its Grayson Flats apartment project near Ar- lington’s Courthouse Metro. The property, which is sched- uled for delivery in late 2012, is being constructed by Clark

Builders Group. The company also owns a site at Arlington’s Rosslyn Metro which is still in planning. According to Insight prin- cipal Michael Blum, financ- ing for the company’s latest purchase in Silver Spring was provided by Bethesda-based Eagle Bank. Construction financing for its in-prog- ress Arlington project was provided by Tysons-based Cardinal Bank, which also provided acquisition financ- ing for Insight’s purchase of its H Street site. ■

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