O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
TERLING, VA — Con- tinental Realty Cor- porat ion (CRC) , a Roohan, Greenberg and Dean of CBREMid-Atlantic represents owner of 236-unit property Continental Realty Corporation completes sale of Chase Heritage Apartment Community S
among potential buyers was extremely deep and it was a highly competitive bidding process, which speaks to the quality of this project and the efforts of CBRE Mid-Atlantic Team.” Constructed in 1986 and positioned near Dulles Inter- national Airport and Dulles Town Center, Chase Heritage offers a variety of one, two and three-bedroom apartment options in a location less than one mile from the Dulles Toll Road (VA Route 267), two miles from the Dulles Airport and approximately 30 minutes from Washington, D.C. The community is positioned with- in the Dulles Tech Corridor, which is recognized as among the largest employment driv- ers in the Washington, D.C. and Northern Virginia area.
Chase Heritage features ame- nities that include a swimming pool, community center and a range of recreational areas. During its ownership, Con- tinental Realty renovated approximately fifty units, a strategy that achieved value- add returns on the investment. In addition. Continental en- hanced several common-area spaces, including the commu- nity clubhouse, leasing office, fitness center and outdoor space. “Our team does an excellent job of evaluating and execut- ing on the right opportunities throughout the Mid-Atlantic and Southeast,” Donato added. “The acquisition and subse- quent sale of Chase Heritage demonstrate our team’s ability to invest wisely and operate profitably.”
HI-LIGHTS J uly 27 - A ugust 9, 2018 Baltimore-based commercial real estate investment and management company, has announced the sale of Chase Heritage, a 236-unit apart- ment community located at 1212 Chase Heritage Circle in Sterling, to Chandler Resi- dential. CRC acquired the as- set in 2012 on behalf of CRC Fund III, L.P. The CBRE Mid-Atlantic team, led by Bill Roohan, Jonathan Green- berg and Robert Dean , rep- resented CRC in this transac-
Chase Heritage
tion. This is the fifth property sold by CRC Fund III, L.P., with seven properties remain- ing in the fund. “We achieved strong occu- pancy throughout our owner-
ship of Chase Heritage, and managed to grow rents in a highly competitive market,” stated David Donato , senior vice president of Continental Realty Corporation. “Interest
Pennrose commences building project at The Commons at Springdale in Cherry Hill, NJ
Architects & Engineers
CHERRY HILL, NJ — Pennrose , one of the leaders in multifamily development and management, and the Jewish Federation of South- ern New Jersey were joined by city and local officials to celebrate the commencement of the building project at The Commons at Springdale in Cherry Hill. Located at 1721 Springdale Rd., the project will include 160 new units of high-quality, affordable rental housing for older adults and adults with special needs. Construction will begin with an initial 80 rental units. Twenty% of the total units will be designed to support individuals with special needs by creating four smaller “cot- tages” out of four 1-bedroom units. The cottages will contain a shared common space where individuals can receive access to services and community programming in a safe setting. All units will be set at or below 60% of the area median income (AMI), with at least 40% set at or below 50% of AMI and at least 10% set at or below 30% of AMI. Phase one of the project is anticipated to open
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transforming lives with high- quality, affordable housing,” said Fisher. “The Commons at Springdale Rd. will helpmeet a significant community housing demand for seniors and adults with special needs and make health and social services read- ily available to residents who call the community home.” The Commons at Spring- dale Rd. will offer supportive services to residents and pro- gramming options available to residents, such as health and wellness, recreational, and arts and culture programs. “The Jewish Federation be- lieves in affordable housing for all and are committed to the independence and support The Commons at Springdale
in the summer of 2019. Speakers at the event in- cluded Glenn Fuhrman, Esq., president, Jewish Federation of Southern New Jersey; May- or Chuck Cahn, Mayor, Cherry Hill Twp.; Senator James Beach, 6th Legislative Dis- trict, NJ; Jacob Fisher , re- gional vice president, Pennrose Properties, LLC; Stan and Roz Middleman, Philanthro- pists; Etta Denk, Senior vice president, Bank of America; Jennifer Dubrow Weiss, CEO, Jewish Federation of Southern New Jersey; and Rabbi Larry Sernovitz, Executive Director, Nafshenu. “Pennrose is committed to improving communities and
of individuals in need,” said Dubrow. “We are so excited to offer this type of living for older adults and adults with special needs – it’s the first of its kind in our area – and will promote the relationships and strengths that each bring to our community. The Jewish Federation is so very appre- ciative of the support of Cher- ry Hill Township, Camden County, and the overwhelming positive response from our community.” Financing for the Springdale Rd. development came from a variety of sources, including $2.407 million in conventional financing, $1 million in Town- ship Affordable Housing Trust
Community Three Development awards Kinsley D.C. project
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