Mid Atlantic Real Estate Journal — December 6 - 19, 2013 — A
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Marcus & Millichap arranges the sale of a 65-unit apartment building Marcus & Millichap arranges the sale of two apartment complexes totaling 328 Units for $23m+
YATTSVILLE, MD — Marcus & Mil- lichap Real Estate Investment Services has an- nounced the sale of Newbury Square, a 213-unit apartment property located in Hyattsville, MD, andFinchleySquare, a115- unit apartment property located in Brentwood, MD, according to Bryn D. Merrey , regional manager of the firm’s Washing- ton, DCoffice. The assets sold for $15,868,500 and $7,877,500 re- spectively with some additional H
BALTIMORE, MD — Mar- cus & Millichap Real Es- tate Investment Services has announced the sale of The Cecil Apartments, a 65-unit apartment community located in Baltimore, MD, according to Bryn D. Merrey , regional manager of the firm’s Wash- ington, DC office. The asset sold for $5,750,000. Dave Gray , an invest- ment specialist in Marcus & Millichap’s Washington, DC office, had the listing to mar- ket the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Dave Gray. The Cecil Apartments is located in the historic Bolton Hill neighborhood of Balti- more City and at the time of construction in 1902 is said to have marked the evolution of
capital expense credits against these purchase prices. DavidWeber of theWashing- ton, DCoffice alongwith Daniel Cunningham , DerekR.Gibbs and Tal I. Frydman , of the Ft. Lauderdale office of Marcus & Millichap had the listing to market the properties on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented byWeber, Cun- ningham, Gibbs and Frydman as well.
elite living that has come to characterize this neighbor- hood. The property was complete- ly renovated in the early 2000’s and features larger than average luxury apart- ments and a myriad of tenant amenities. Gray said that within 30 days of placing the property on the market they received seven offers and opted to move forward with an offer that was not the highest they received, but since the buyer was will- ing to assume the current loan the seller would avoid pre-payment penalty and ulti- mately net more in profit. The purchaser was moti- vated to acquire the property as they were drawn to the character and housing selec- tions that are full of history whichmade the Cecil a perfect addition to their portfolio. n
Newbury Square
Finchley Square
December 6 - 19, 2013
HI-LIGHTS
Cecil Apartments
AIA Delaware
15 Worman’s Mill and 1227 Ritchie Center Avison Young sells two properties totaling 60,000 s/f for $5,357,000
FREDERICK,MD — Avison Young is pleased to announce the sale of 15 Worman’s Mill in Frederick, MD for $3,520,000. The sales team of Joe Fried- man and Julian P. Etches , represented the seller, First Potomac Realty Trust . The asset is a 40,000 s/f two-story office building in Frederick, MD. Located at the core of Frederick’s bio-tech hub, the property includes both office and laboratory space. CAPITOL HEIGHTS, MD — Avison Young is pleased to announce the sale of 1215- 1227 Ritchie Center in Capitol Heights, MD for $1,837,000. The sales team of J oe Fried- man and Julian P. Etches , represented the seller, Ritchie Road Investors, LLC , an af- filiate of Maryland-based Site Realty Group. The asset is a 20,000 s/f small- bay, industrial business center in Capitol Heights, MD. The property offers a unique combi- nation of office, warehouse, and outside storage space n
The AIA Introduces seven new contract documents For SP See Page 9A
UIP, PRP, Perseus Realty acquire 289-unit apartment. complex in DC
Urban Investment Part- ners (UIP), PRP LLC , and Perseus Realty has ac- quired the 289-unit Capitol Park Towers apartment com- plex at 301 G St., SW, Wash- ington, DC. See page 8A
15 Worman’s Mill, Frederick, MD
ALSO INSIDE:
C ommercial -I ndustrial R ealty C ouncil ............. 10A
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1227 Ritchie Center, Capitol Heights, MD
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