Mid Atlantic Real Estate Journal — April 13 - April 26, 2012 — 43A
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OTOMAC FALLS, VA — Broad Street, a market - l eading McCrary & Belford represent Comstock Homebuilding Corporation Broad Street completes $19.35 million sale of The Commons on Potomac Square P transaction.
Haze McCrary is senior vice president of Broad Street and has been working in the real estate industry for eleven years. He focuses on invest- ment sales in theWashington Metropolitan area. He has a broad range of experience in many aspects of the business and has provided services to international, national and local companies and associa- tions. Dave Belford is vice presi- dent of Broad Street. He as- sists clients in all aspects of the leasing and acquisition process and has significant experience developing cus- tomer relationships, market research, lease analysis and financial modeling. ■
commercial real estate ser- vices firm in the Washing- ton, DC/Baltimore region, just represented Comstock Homebuilding Corporation in the $19.35 million sale of The Commons on Potomac Square in Cascades, for a per unit price of $187,864. The 103 unit, 112,000 s/f apart- ment building was sold to CAPREIT. The Commons on Potomac Square is a newly constructed, four story, Class A property, and is located at 21240 McFadden Square, Potomac Falls, VA, a popular location in Loudoun County. Broad Street’s Haze McCrary and Dave Belford lead the BALTIMORE, MD — The purchase of Park Raven, a 253-unit apartment commu- nity in Baltimore, marks the continued growth of Tryko Partners, LLC’s foothold within the city’s multifamily market. The private equity real estate group now owns and operates 1,137 residen- tial units within a three-mile radius. Tryko Partners, represented by Uri Kahanow, director of acquisitions, purchased the property from Continental Realty Corporation. A Balti- more-based CBRE brokerage team headed by Mike Ru- dolph and Mike Muldowney represented the seller. After adding value the deal is pro- jected to yield a cap rate of 9 percent. Built in 1949, Park Raven sits on nearly 20 acres at 1806 Ramblewood Road. The property is approximately 95 percent occupied. A major renovation completed in 2006 resulted in the replacement of all windows, gutters and downspouts, the installa- tion of new HVAC and many water heaters, and upgrades of most roofs. All of the one-, two- and three-bedroom units in the property’s 55, brick-
The Commons on Potomac Square
Tryko Partners purchase Park Raven; a 253-unit apartment complex
McShea & Company rep seller in $5.45m sale of Airpark Place
Airpark Place
GAITHERSBURG, MD — McShea & Company, Inc’s investment sales division an- nounced the sale of Airpark Place in Gaithersburg, Mary- land on behalf of the seller, First Potomac Realty Trust to New York-Based Jerneb Corporation for $5,450,000. The sales team was lead by Joe Friedman, vice president and Director of Investment Sales and included TomTrux- illo, William Quay, Ronayne Waldron. Airpark Place, located at 18900-18994 Bonanza Way in Gaithersburg in the Mont- gomery CountyAirpark, is an 82,414 s/f, 3-building light
industrial business park. This is the second closing for McShea & Company’s investment sales platform in 2012. The platform was created in 2011 to specialize in the disposition of suburban office, industrial, and retail assets in the Washington/Baltimore Metropolitan Region. Joe Friedman’s team has four additional disposition assign- ments currently on the mar- ket or coming to the market this spring valued in excess of $35 million in Lexington Park, Hagerstown, and Columbia,Maryland as well as in Arlington, Virginia. ■
Park Raven
clad buildings have updated kitchens and bathrooms, with new appliances, countertops and floors. “While our firm typically in- vests in value-add properties, Park Raven does not have the heavy lifting that we typically are involved with,” Kahanow said. “We have a huge amount of confidence in this market, so it made strategic sense to pursue the opportunity. We will continue to upgrade the property and individual units, in order to maintain its quality.”
Park Raven is located on a quiet street and is surrounded by mostly for-sale housing. This desirable area is less than two blocks from Good Samaritan Hospital and just two miles from Belvedere Square, a retail property an- chored by a gourmet market and housing a diverse roster of shops and services. The property is located 11 miles fromBaltimore’s CBD and the Inner Harbor, and provides easy access to main travel ar- teries throughout Baltimore and Baltimore County. ■
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