Real Estate Journal — June 8 - 21, 2018 — 5A


M id A tlantic

Merrimac Gardens sells in Portsmouth, VA Firoozabadi & Azarbarzin of Greysteel brokers $37.5m multifamily sale to Blue Ocean


perfectly reflects our invest- ment strategy – to acquire properties that are well-locat- ed, easily accessible to employ- ers, with strong walkability scores that provide desirable floorplans and community amenities for our residents. We firmly believe The Homes of Towne Plaza has all of the above. Our team is looking for- ward to executing our plan and enhancing what is already a great residential community”. In a second transaction, Greysteel arranged the sale of Merrimac Gardens, a 216-unit multifamily property located in Portsmouth, VA. Greysteel director, Rawles Wilcox ; investment associates, Jared Emery and Brenden Hill , and Firoozabadi negoti- ated the transaction on behalf of the seller. Built in 1965, Merrimac Gardens is comprised of 27 two- story buildings each containing eight units. The Property offers a unit mix of 80 one-bedroom units, 120 two- bedroom one- bathroom units, and 16 three-

bedroom one- and one-half bathroom units. Units feature hardwood floors or wall-to- wall carpeting, built-in pan- tries, linen and entry closets, and walk-in closets in select units. Common area ameni- ties include a swimming pool, playground, off-street parking, and on-site laundry facilities located in each building. Merrimac Gardens is a gar- den-style multifamily com- munity situated in a charming residential section of Ports- mouth, Virginia. The Property is a few miles from some of the largest federal employers in the region, including the Nor- folk Naval Shipyard, the Navy Medical Center Portsmouth, and Joint Base Langley-Eustis. Residents are also surrounded by a wealth of shopping, dining, grocery, and entertainment amenities in the nearby area. “The purchase of Merrimac Gardens provides the buyer with a stable, cash-flowing asset to bolster their growing Hampton Roads holdings,” Wilcox said.  provide superior service to our clients.” White brings 13 years of commercial real estate ex- perience representing both landlord and tenant clients in transactions that encom- pass all facets of commercial leasing. She most recently served as vice president with CBRE’s Global Corporate Services Group. Prior to her entrance into the DC market she held positions at Cushman & Wakefield, Divaris Real Estate and GVA Advantis in Richmond, VA. White’s involvement with commercial real estate began with the Washington Business Journal as an award-winning senior reporter. White remains involved in the Washington community as an active vol- unteer with Miriam’s Kitchen and DC Central Kitchen. 

arford County, MD — Greysteel has arranged the sale of

a 417 - un i t multifamily c ommun i t y to Baltimore- based Blue Ocean . Greysteel

president & C E O , A r i Firoozabadi and senior in- vestment as- sociate, Ari Azarbarzin represented t he s e l l e r , Weiss Broth- ers LLC, in the property’s first change of ownership since being constructed in 1964. KeyBank Real Estate Capital provided a $29.3 million bridge loan to a joint venture between Blue Ocean and JCR Capital for the ac- quisition. The property, known as The Homes of Towne Plaza, is lo- Ari Firoozabadi Ari Azarbarzin Bethesda, MD — Hol- liday Fenoglio Fowler, L.P. (HFF) announced the sale of Flats at Bethesda Ave., a trophy mixed-use residential and retail property located in the heart of Bethesda. The HFF team marketed the property on behalf of the seller, a joint venture between StonebridgeCarras, PN Hoffman, Buvermo and Northwestern Mutual , and procured the buyer, a fund managed by BlackRock Real Assets. The HFF team representing the seller included Stephen Conley , a licensed Maryland real estate broker, Sue Car- ras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex . Completed in 2015, Flats at Bethesda comprises 162 luxury apartment units and nearly 40,000 s/f of ground-

The Homes of Towne Plaza

cated in Harford County, MD. The low-density, townhome and garden-style community, sits on app. 40 acres and con- sists of one-, two- and three- bedroom units. Located in the Joppa submarket, the property sits only steps away from the Baltimore County line and less than 4 miles fromWhite Marsh and a dense employment base of large manufacturing and distribution facilities as well as business and industrial parks.

“With Blue Ocean’s forth- coming comprehensive reno- vation plan, Homes of Towne Plaza will be positioned to offer unrivaled management services, amenities, and unit upgrades relative to the local submarket,” said Azarbarzin. The purchaser, Blue Ocean, continues the rapid growth of its multifamily portfolio in Maryland. According to Jona- than Ehrenfeld (president of Blue Ocean) “This acquisition

HFF announces sale of Flats at Bethesda Ave. in Bethesda, MD

NKF recruits White to join its agency team

Washington, DC — Newmark Knight Frank (NKF) announced that Su-

z a n n e Whi te has j o i ne d t he firm as a di- rector in its Washington, DC office. In her new role, White will be par tne r i ng

Suzanne White

with NKF’s chairman, asset services, Brendan Owen and Associate MorganMonroe to focus on landlord representa- tion services in the Washing- ton, DC metropolitan area. “Suzanne has an impeccable reputation in the industry,” said NKF’s Owen. “Combined with Morgan Monroe’s lead- ership and expertise and my decades of experience, we look forward to working together to

Flats at Bethesda Ave.

floor retail. The property, which has a Walk Score of 98, is situated along Bethesda Row proximate to 11.3 million s/f of existing office space with 1.7 million s/f of additional class A space planned, as well as 533,000 s/f of high- end retail, entertainment

and nightlife amenities. The transit-oriented property is a five-minute walk to the Metro Red line at Bethesda Station and a 10-minute drive to the Capital Beltway (I-495), which provides convenient access to the entire Washington, D.C. region. 

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