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178 unit class A property offers great upside potential SELARealty Investments acquires Crest Ridge in West Orange for $40.5 million

ISSUE HIGHLIGHTS Volume 29 Issue 19 Oct. 13 - 26, 2017 Insurance / Title Spotlight Horvath & Tremblay sells Tgi Fridays in Homestead, PA 9-10A

W

est Orange, NJ — SELARealty In- vestments , the Fort

L e e b a s e d investments and property management company an- nounced its r e c e n t a c - quisition of Crest Ridge Apartments,

Tal Steinberg

178 unit class A property lo- cated in West Orange. The complex offers beautiful Man- hattan skyline views, Pool and many more amenities, and is located in one of the nicest areas in Essex County. At 5.4% going in cap rate the purchase price was $40.5 million with over 98% occupancy at time of acquisition. Tal Steinberg managing partner for SELA Gaithersburg, MD — Buchanan Partners has teamed with Miami-based real estate investment firm Elion Partners to acquire a 700,000 s/f industrial portfolio in suburban Washington, DC for $81.15 million. The port- folio comprises 14 buildings just off Rte. 28 in the northern Virginia submarkets of West- fields, Chantilly, and Dulles. The seller was a joint venture of Ares Capital Corpora- tion and Adler Group .

Crest Ridge Apartments

Realty Investments said: “We are extremely proud to add the Crest Ridge to our growing portfolio; the previous owners, who were the original builders, spared no money building it and maintaining it over the years in such a great shape. They held

it for 50 years and we intend to hold it for 50 more. The property offers great upside potential to our investors with renovating units, improving the pool area, adding a gym and gradually increasing rents over the years which are now under market”

AdamZweibel andGreg Pine both from Gebroe Hammer represented both the sellers and buyers. “Adam and Greg both did an amazing job bringing this deal to my attention and handling all the obstacles along the way” said Steinberg. n

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BuchananPartners &ElionPartners purchases 700,000 s/f Northern VA industrial portfolio

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700,000 s/f industrial portfolio in suburban Washington, DC

options than traditional office buildings or retail centers, at a better price.’ The new ownership plans to make capi- tal improvements, including landscaping and amenities, while continuing to lease and manage the properties. “This asset class aligns with our investment strategy of acquiring supply-constrained properties at or below re- placement costs,” said Juan DeAngulo , managing prin- cipal, Elion Partners. “With sound operating fundamen-

tals, we are excited to embark on this strategic joint venture with Buchanan Partners and look forward to continuing to grow our investments in this region.” T h e n e w l y a c q u i r e d 14-building portfolio is spread across three different office parks along the Rte. 28 cor- ridor: 3680-3863 Centerview Road in Dulles Business Park, 14420-14434 Albemarle Point Place inWestfields North; and 14280-14290 Sullyfield Circle in Sullyfield Business Park. n

“With rising raw land pric- es, a strengthening submar- ket, and accelerating residen- tial demand, we set out to find high-quality buildings that could be positioned as best- in-class industrial space for tenants serving this rapidly evolving area,” said Colin Dove , senior project man- ager at Buchanan Partners.” Added Buchanan Partners principal Brian Benning- hoff : “Class A industrial buildings like these provide many tenants more useful

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