ODM

O wners , D evelopers & M anagers

Real Estate Journal — Section B

www.marej.com

M id A tlantic

Highest per-unit price achieved in history of Richmond MSA Colliers International announces sale of 2000 West Creek in Richmond for $103 million R

watermark pricing in the his- tory of Richmond,” said Will Mathews , managing director and platform leader of Colliers East RegionMultifamily Advi- sory Group. “This disposition is another validation proving our market-leading team com- bines cutting-edge innovation, analytic forecasting, superior market knowledge and the most collaborative team ap- proach in the industry. Every decision we make has the ultimate focus on our client.” “Capital Square has acquired Richmond’s premier multifami- ly community and arguably one of the finest residential projects delivered in the Southeast,” said Charles Wentworth , senior vice president with Col- liers International. “The buyer was attracted to the property’s superior amenity package, spacious, desirable floor plans, and outstanding location near several key employers such as Capital One and CarMax.” “We are very excited to close yet another deal with the Colliers International team and bring to our investors an apartment community built to the highest quality with un-

matched amenities and strong future growth potential,” said Whitson Huffman , senior vice president with Capital Square. “The Colliers and Bris- tol teams facilitated a seamless transaction that allowed us to close on time and without issue.” ”We could not be more pleased with the results that the Colliers team produced on this transaction,” said David Hanchrow, chief investment officer of Bristol Development Group. “2000 West Creek is a unique and very special asset, and we put a lot of thought in both who we wanted to mar- ket it and who should buy it. Capital Square’s execution of the acquisition was flawless, and we look forward to doing more business with them in the future.” Mathews, Wentworth, G.S. (Hank) Hankins , senior vice president; Rawles Wil- cox , senior vice president; Vic- toria Pickett , vice president; Clay Ellis, associate; and Gar- rison Gore, associate; of Col- liers International represented the seller, Bristol Development Group in the transaction.  units to exceed Section 42 rent restrictions. Built in 2001, the Property is located at 200 Vinings Way. The Vinings at Christiana consists of a mix of one-, two-, and three-bedroom units with an average s/f of 938 per unit. Common area amenities at this affordable housing com- munity include a business center, fitness center, on-site property management and a swimming pool with spacious sundeck. “There is tremendous op- erational value for the new owners to invest inmodest unit renovations and capitalize on the growing market demand,” said Mathies. “Newark is a growing area that has strong internal demand drivers and is also only 45 minutes from Philadelphia.” 

HI-LIGHTS N ov . 22 - D ecember 12, 2019 2000 West Creek is an award-winning class A apart- ment community completed in 2018. It has 373 one- and two-bedroom apartments with spacious floor plans located in West Creek. West Creek is home to several Fortune 500 ICHMOND, VA — The Colliers Inter- national Mid-Atlantic Multifamily Advisory Group announced the sale of 2000 West Creek at 2000 Broad Branch Circle in Richmond from Bristol Development Group to Capital Square, based in Richmond.

2000 West Creek at 2000 Broad Branch Circle

companies and popular ameni- ties including the Hardywood Park Craft Brewery. Adjacent to the highly trav- eled Rte. 288 thoroughfare, 2000 West Creek residents benefit from its easy access to extensive retail and key employment centers. West Creek’s expanding business park with over 10,000 employ- ees and more than 2.1 million s/f of office space is quickly transforming the submarket and establishing a vibrant live, work and play community. Amenities include a resort- style swimming pool and out- door courtyard, state-of-the-art

fitness center, and clubroom. The interior amenities create an ambiance of luxury and so- phistication with nine-foot ceil- ings, quartz countertops, wood- grain plank flooring and all- tile bathrooms. The kitchens have top-of-the-line finishes and appliances, including rich cabinetry with an abundance of storage, a breakfast bar and contemporary light fixtures. Oversized balconies, luxuri- ous garden-style tubs, walk-in closets and interior garages are found throughout the property. "Our platform facilitated the most competitive pro- cess, delivering the highest

SPOTLIGHTS CONSTRUCTION MANAGEMENT & DESIGN BUILD

5-11B

Greysteel sells 220-unit affordable housing property in Newark, DE for $24.7 million

KNA receives two new Good Neighbor Awards

N E W A R K , D E — Greysteel , a national com- mercial real estate investment

services firm, has arranged the sale of The Vinings at Christia- na, a 220-unit Multifamily property, lo- cated in New- ark, DE.

Henry Mathies

Greysteel president, Ari Firoozabadi and director, Henry Mathies from the firm’s Washington, D.C. office sold the property on behalf of the seller, Alden Torch Fi- nancial , and solely procured the buyer, CAPREIT. The property sold for $24.7M. The Vinings at Christiana is a 220-unit mixed market/ affordable housing community,

16B

ALSO INSIDE Contributing Columnist

The Vinings at Christiana

placed-in-service in 2001 un- der the Section 42 Low-Income Housing Tax Credit (LIHTC) program. 125 of the units are reserved for tenants who earn 60% or less of the Area Me- dian Income (AMI) while 95

of the units are reserved for tenants of all income levels. The Property also receives rental subsidies (117 units at present) from the Newark Housing Authority, which in some instances, allow certain

Bruce E. Gudin, Esq.. Ehrlich, Petriello, Gudin & Plaza, PC.. 2C

www.marej.com

Made with FlippingBook - professional solution for displaying marketing and sales documents online