O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
ADDLE BROOK, NJ — CBRE announced the $146 million sale of the Team of Dunne, Pride, Apfel, Gambuzza, Veniero and McFadden represented the owner CBRE completes $146m sale of seven-property, 1,035-apartment workforce housing portfolio S constructed in 1965 • Lafayette House, Trenton – 89 units, 12 stories, constructed in 1966
supporting strong rent growth. “We are pleased to have represented Murnick Property Group in the sale of these seven assets,” said CBRE’s Dunne. “Over 50 plus years, the seller assembled a portfolio of well built, transit centric, high-rise communities with an operation- al philosophy of maintaining the buildings to preserve their value. The Murnick’s timing in this sale is opportunistic, as the market demand for this type of property is as strong as we have experienced, though the purchaser will do well with the purchase as renter demand for well-maintained Class B apart- ments is also at historic levels and expected to continue for years ahead.” “This is a scenario that we are seeing play out over and over in New Jersey and the greater New York suburban markets,” Dunne continued. “Well-capi- talized, experienced operators are aggressively pursuing and stretching on price to acquire Class B apartments in good, established markets.” bar, fireplace and game room; and dog park and dog spa. The JLL Capital Markets team representing the de- veloper included Walter Coker, Brian Crivella, Ja- mie Leachman and Evan Parker . “This project represents an attractive opportunity for PCCP to lend to a highly institutional and experienced partnership in a well-located and affluent D.C. suburb,” said Ryan Dodge , vice president with PCCP. “Woodfield Reston will appeal to renters seeking a quality, amenity-rich com- munity near a diverse and dense employment base at a price point that is less than nearby markets.” Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.
HI-LIGHTS A ugust 23 - S ept . 12, 2019 Northern/Central New Jersey Workforce Housing Apartment Portfolio – a generational col- lection of seven multifamily high-rise and garden properties with 1,035 total units located in East Orange, Newark, Asbury Park and Trenton, New Jersey. The CBRE team of Jeffrey Dunne, Gene Pride and Eric Apfel , along with Nat Gambuzza, John Veniero and John McFadden repre- sented the owner, Murnick Property Group , in the sale
The portfolio benefits from meticulously maintained as- sets with high occupancy, 4.1% average annual rent growth since 2014 and high resident retention. “We are proud of the relation- ships we developed with our tenants as we owned, operated and maintained these build- ings over the last half-century,” said Jay Murnick of Murnick Property Group. “We hope that new ownership will continue to foster those relationships and wish themwell in their ongoing endeavors.” The portfolio properties are known within their respective markets for providing qual- ity housing at a significant discount to the cost of renting at a newer building. The excel- lent physical condition of the assets provides a foundation for the purchaser to focus on enhancements and upgrades to unit and common area finishes,
Murnick Property Group collage
and also procured the buyer, an international investor, in a bidding process that attracted over 33 offers. The properties in the portfo- lio include: • Washington Towers, East Orange – 197 units, 14 stories, constructed in 1964 • Executive House, East Orange – 228 units, 23 stories,
constructed in 1965 • Ambassador Towers, East Orange – 161 units, 9 stories, constructed in 1958 • Munn Heritage, East Or- ange– 75 units, 7 stories, con- structed in 1913 • ParkviewGardens, Newark – 24 units, 4 stories • Munroe Towers, Asbury Park – 261 units, 15 stories,
SPOTLIGHT
Architects & Engineers
5-16B
Coker, Crivella, Leachman and Parker of Capital Markets team represents developer JLL secures capital for development of Sorrento in the Washington, DCmetro
Pickard Chilton’s Design for Avocet
Tower under construction
RESTON, VA — JLL has secured capital for the devel- opment of Sorrento, a 306-unit multi-housing community in Reston. JLL worked on behalf of Woodfield Development to secure a construction loan through PCCP, LLC and joint venture equity from German American Realty . Sorrento is located at 1950 Roland Clarke Place along the Dulles Toll Rd. The transit-ori- ented community will be situ- ated within walking distance of the existing Wiehle-Reston East Metro Station and the future Reston Town Center Metro Station. Due for comple- tion in 2021, Sorrento is being developed in an area that is being transformed into a walk- able, tree-lined residential enclave in the heart of Reston that also offers easy access to
5B
Strategic Funding Alternatives acquires office building in Mount Laurel, NJ
1950 Roland Clarke Place
the area’s 31.2 million s/f of office space and multiple retail amenities, as well as Washing- ton, D.C. Units will include a mix of 316 studio, one- and two-bedroom floor plans aver- aging 800 s/f, 37 of which will be designated as workforce housing. The community will
feature a rooftop, resort-style swimming pool with sunning shelf and lounging deck; a seventh-floor sky lounge with indoor bar and outdoor space; state-of-the-art fitness center; landscaped courtyards with grills and fire pits; outdoor garden park; clubroom with
19B
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