www.marejournal.com O wners , D evelopers & M anagers F eaturing A rchitects & E ngineers Three multifamily properties include Champions Club, Park West End and Hickory Creek Colliers International brokers $81 million sale of 818-unit multifamily portfolio in Richmond, VA R M id A tlantic Real Estate Journal — Section B

ICHMOND, VA — The Colliers Inter- national East Re- gion Multifamily Advisory Group represented CORE Realty Holdings Manage- ment in the $81 million sale of an 818-unit portfolio con- sisting of three multifam- ily properties in Richmond: Champions Club, Park West End and Hickory Creek. Rich- mond-based McCann Realty Partners purchased Hickory Creek, which consists of 294 units, while Irvine, California- headquartered MDO Capital purchased Champions Club

Hickory Creek

Champions Club

July 29 - A ugust 11, 2016

and Park West End Apart- ments, totaling 524 units. Wi l l Mathews , Jason Hetherington , BruceMilam and Jackie Noel comprised the Colliers International East Region Multifamily Advi- sory Group team representing CORE Realty Holdings Man- agement in the transaction. “All of three of these assets PHILADELPHIA, PA — Philadelphia home buyers are flocking to the city’s latest and largest for-sale residential townhome project, Southwark on Reed, located at 400 Reed St. Shortly after breaking ground for 95 elegant town- homes, D3 Developers and The Concordia Group have pre-sold the first two buildings, comprising 14 homes, and have released the second group of 11 homes for sale. Bethesda, MD-based Concor- dia has teamed with Philadel- phia-based D3 Developers and The Resmark Companies to develop this $40 million project on the site of the former Mt. Sinai Hospital, a 230,000 s/f structure that had been aban- doned for nearly two decades. D3 and Concordia acquired the site in 2015 from an invest- ment group that had owned the property for 15 years. Demoli- tion of the hospital buildings began in October 2015 and will be completed this summer.

are fueled by powerful market fundamentals. Above average incomes, an award-winning school system, walkable high- end retail, and high barriers to entry created a favorable com- bination of metrics making this portfolio extremely desirable,” said Mathews, vice president of Colliers East Region Multi- family Advisory Group. n


Park West End


Concordia teams with D3 Developers and The Resmark Companies to develop $40m project


“Soft washing VS pressure washing”

restaurants, among others. World-famous South St., the Italian Market, and Pier 68 on the Delaware River waterfront also are nearby. I-95 and SEP- TA’s Broad Street line stations provide multiple transporta- tion options for residents. Southwark on Reed’s town- homes, priced from the high $400,000s, offer four levels of finished space, ranging from 2,300 s/f to 2,900 s/f, with a standard half basement. Behind stately brick Federal- style facades, spacious interi- ors feature nine-foot ceilings, open floor plans, sleek designer kitchens, and sumptuous own- ers’ suites with private outdoor terraces. Southwark on Reed’s resi- dents will enjoy indoor com- fort with lower energy costs thanks to sustainable design and construction features that will earn the project the US Environmental Protection Administration’s Energy Star certification. n

By Dan Haer CSI Cleaning Service


Southwark on Reed

Southwark on Reed will be built out gradually as homes are pre-sold; the project is ex- pected to be completed in 2018. “We are excited to develop a high-quality community within a thriving neighbor- hood,” said Concordia’s Devin Tuohey . “The location of the development and Philadel- phia’s ten-year tax abatement for new homes has created demand for this product. Our principals have roots in Phila- delphia, and we love the qual- ity of life that the city has to offer: great restaurants, lots

of cultural amenities, easy ac- cess to the shore, and a lower cost of living than that of both Washington, DC and New York City.” Southwark on Reed’s loca- tion is particularly compelling, Tuohey went on, due to the proximity of three of the city’s top employment centers: Cen- ter City, University City, and the newly redeveloped Navy Yard. In addition, the site is just five blocks from Philadel- phia’s new “foodie” corridor on East Passyunk Ave., home to several of the city’s 50 top

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