O wners , D evelopers & M anagers
M id A tlantic Real Estate Journal — Section C
www.marej.com
Firm sells 2509 Baynard Blvd., 312 West 8th St. and Cranston Hall Rittenhouse Realty Advisor/ GREA sells 201 units in Wilmington, DE for $27.4 Million
a member of GREA an- nounced the sale of 201 apartments in Wilming- ton. The firm sold 2509 B a y n a r d Blvd. and 312 W
“In a market with growing uncertainty, we were very excited to assist a long-term owner with the disposition of their family asset. We were able to maximize their prop- erty’s value while cultivating a smooth sales process from start to finish.” The properties were sold to two separate buyers out of the Northern NJ/NYC markets. Northern Delaware continues to see an influx of regional buyers from the New York and North Jersey markets. “This trend has created a surge in historically high pricing that has really incentivized long term local owners to capitalize on the exorbitant amount of eq- uity looking to be dispersed into the market,” DiPasquale said.
“Looking to the future and how the market continues to change with rising interest rates, a stable and consis- tent market such as North- ern Delaware would be an ideal location for continued growth due to its desirability in corporate tax incentives and proximity to employers in major metropolitan markets such as Philadelphia, NY, and Washington DC,” added Corey Lonberger, managing partner at RRA/GREA. Rittenhouse Realty Advisors is a full service commercial real estate and brokerage com- pany in Philadelphia provid- ing advisory services to private capital and institutional inves- tors throughout the Northeast Region. MAREJ
ILMINGTON, DE — Rittenhouse Realty Advisors ,
Bob DiPasquale
4C HI-LIGHTS June 17 - July 21, 2022 ELECTRICAL CONTRACTING/ LIGHTING SPO TLIGHT West 8th St. totaling 40 units and Cranston Hall: 3314 Capi- tol Trail, totaling 161 units. SVN Miller reps. investment company on purchase of Riverside Dental Center
The properties offer tenants on-site parking, access to public transportation within walking distance, as well as
easy access to major highways I-95 and Rte. 202. Bob DiPasquale , vice pres- ident at RRA/GREA, stated:
Greysteel arranges the sale of two multi- family assets in downtown Washington, DC
WASHINGTON, DC — Greysteel , a national com- mercial real estate investment services firm, has arranged the sale of Ravenel and Bar- clay, two multifamily prop- erties totaling 120 units in the Dupont Circle neighbor- hood of NW Washington, DC. Greysteel’s senior managing director Kyle Tangney , se- nior director Herb Schwat , and director Nigel Crayton , who are based in the com- pany’s Washington office, negotiated the transaction on behalf of the seller. The sister properties are located at 1610 16th St NW and 1616 16th St NW. Built-in 1933, Ravenel totals 63 units and contains a mix of studio and one-bedroom apartments. Built-in 1926, Barclay totals 57 units and includes a mix of one-bedroom and two-bed- room apartments. Amenities include a Fitness Center, SMART laundry rooms, pack- age concierge, bike storage, an outdoor patio, and an on-site management office. Renova - tions to the lobbies, rental of- fice, hallways, common areas, and apartments were com-
8C
14C ULI NNJ honors GZA’s Turkot with Women’s Leadership Award Joe Holman Withum.....2C Alexis Herr, P.E., ECS Mid-Atlantic . .......... 3C Timothy Menard, LYT....4C Jeffrey Otteau, Hudson Atlantic Realty ...13C ALSO INSIDE
Ravenel
Barclay were able to avoid some of the worst COVID market impacts because top-notch property management navigated the pandemic as well as one could have hoped,’’ said Schwat and Tangney in a joint statement. ‘’Greysteel extends its con- gratulations to our client the seller, the buyers, the Ravenel 2021 Tenants Association, and the Barclay Tenant Associa- tion 2021.’’ MAREJ
pleted by the seller upon its acquisition. Both properties, located two doors down from one another between Q Street NW and Corcoran Street NW, are just blocks away from ac- cess to shopping, dining, and entertainment options along 17th St NW in Dupont Circle and 14th St NW in Logan Circle. Ravenel and Barclay are the first two properties in the
six-asset Sixteenth Street Portfolio to close. The other four are anticipated to go to settlement within the next several months. ‘’Ravenel and Barclay are trophy assets is arguably the most mature residential submarket in Washington. The sales presented some challenges having been mar- keted and negotiated at the height of COVID. However, we
www.marej.com
Made with FlippingBook Ebook Creator