Real Estate Journal — May 15 - 28, 2015 — 5A


M id A tlantic

Largest MH sector acquisition nearly doubles portfolio FCP & Horizon close on acquisition of $88m portfolio

Totaling 499,696 s/f in Reston, VA ARC, Angelo and Gordon acquire office bldgs. for $82m

C HEVY CHASE, MD — Federal Capital Partners (FCP) and Horizon Land Co., LLC (Horizon) announced the $88 million acquisition of an 11-community, 2,413-site portfolio of manufactured homes primarily located in Western New York. Included in the acquisition is Gypsum Mills, a 560-site, five-star community located in Victor, NY. M&T Bank provided the senior debt financing. “We are excited about our acquisition of this high-quali- ty portfolio and its long-term prospects as a component of our business, and greatly look forward to providing an affordable housing option for current and future residents of these communities,” said FCP vice president, Drew Odabashian . Ryan Hotchkiss of Ho- rizon Land Co., LLC, said, WASHINGTON, DC — Urban Investment Part- ners (UIP) , in partnership with Philadelphia-based Lu- bert-Adler Partners , has acquired Embassy Towers, a 72-unit apartment building in Washington, DC’s Adams Morgan neighborhood, for $13.25 million. The property is located at 1620 Fuller St., NW, across the street from the historic former Italian embassy building, which is slated for redevelopment. Prior to the acquisition, UIP reached an agreement with the Embassy Towers Tenant Association, permit- ting UIP to undertake major renovations to the common areas and individual apart- ments. The buildings’ ten- ants have not yet decided whether to convert their apartments to condomini- ums, or continue as rentals. If a minimum number of ten- ants agree to buy their reno- vated apartments as condo- miniums and they qualify, the condominium conversion will go forward, and sales

Reston Corner II

available for immediate oc- cupancy by small-to-medium sized tenants. Some of the buildings offer private balco- nies, new conference facilities, and dramatic two-story atrium lobbies. Tenants in both office parks have access to premium fitness facilities and onsite cafes. Nearly $5millionwas invest- ed recently in improvements to the buildings’ elevators, light- ing systems, restrooms, and the mechanical, electrical, and fire/ life safety systems. The ARC-AG partnership plans to spend an additional $5 million to improve the buildings and outdoor common areas. “Atlantic Realty has deep roots in Reston, having de- veloped such well-known des- tinations as Plaza America,” said Atlantic Realty president David Ross . “In fact, in 1992- 93, our newly formed company was located in Reston Corner III. We are pleased to join with Angelo, Gordon to expand our Reston portfolio at this excit- ing time,” he added. n “This Fund will have a nice balance between acquiring existing assets and ground up development,” said Mark Matan , principal for the Matan Companies. “In to- day’s competitive landscape you need both to generate the growth and returns in the in- dustrial sector.” The Fund is seeking to take advantage of the lack of existing inventory, the e-commerce effect, and the barriers to entry in the Wash- ington, DC area market. n

RESTON, VA — A part- nership of Atlantic Realty Companies (ARC) of Tysons Corner, VA and Angelo, Gor- don & Co. (AG) of New York City has acquired four office buildings totaling 499,696 s/f in Reston for $82 million. The properties are strategically located near the Dulles Access Rd. and the new Silver Line Metro station. The portfolio is 50% leased to more than 40 tenants including the Res- ton Association and offices of Wal-Mart. Eastdil Secured brokered the transaction. The Reston Corner I, II, and III properties comprise an of- fice park located at the corner of Sunrise Valley Dr. and Reston Parkway. Parkridge V is one of six office buildings in the Parkridge office park, situated adjacent to the Dulles Access Rd. on Sunrise Valley Dr. The table below describes the buildings. Reston Corner I is 100% leased; the other buildings have existing vacancy, in- cluding fully furnished suites WASHINGTON, DC — Matan Companies an- nounced the closing of its latest real estate fund, Matan Fund V (MFV) . The Fund will invest in the warehouse/ industrial sectors in the Wash- ington, DC area. With initial MFV equity of $100 million, and the ability to expand up to $150 million, Matan sees the Fund growing to around 3-4 million s/f over the next 24-36 months. Currently, the Fund has 2 pending deals under agree- ment totaling 250,000 s/f, in addition to a 120,0000 s/f high bay building planned to

Gypsum Mills

“Our acquisition of the Mor- gan Portfolio is the ideal next step in Horizon’s relationship with FCP. This acquisition substantially increases our joint portfolio, takes our part- nership into an expanded geography, and provides an important building block for continued growth.”

This acquisition increases FCP/Horizon’s total manufac- tured housing holdings to a total of 32 communities with approximately 5,600 sites. Since closing the joint venture in late 2012, FCP/Horizon has acquired 22 communities rep- resenting approximately $180 million in value. n

UIP, Lubert-Adler obtain 72-unit apartment building in Adams Morgan for $13.25 million

Matan Fund V closes, begins acquisitions commence construction this summer. The Fund has sev- eral additional development parcels under its control.

Embassy Towers

will begin in late 2016. Alan Davis and Brendan Flood of HFF represented the seller in the transaction. “This project demonstrates UIP’s flexibility and commit- ment to working successfully with tenant associations under the city’s TOPA pro-

cess (Tenant Opportunity to Purchase Act) to achieve wonderful outcomes,” said Steve Schwat, principal, UIP. “Our level of experience is why we are selected by so many tenant associations that wish to renovate their buildings.” n

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