18C — February 19 - March 12, 2021 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
Exeter Prop. Group owns &manages the MD/ VA properties Edge wins eng. services contract for 16-bldg. portfolio
Marcus & Millichap arrange sale Of A 120-Unit apt. bldg.
of Edge , a full-service commercial real estate f i rm w i t h o f f i c e s i n Washington DC, Virgin- ia, Maryland and Pennsyl - W
real estate investment man- agement firm that maintains headquarters in the United States and Europe. Shaun Comer , director of engineer- ing for Edge will direct the fa- cilities and engineering team for this requirement. TheMaryland properties are located in Baltimore, Belcamp, Columbia, Curtis Bay, Havre de Grace and Upper Marlboro. The Virginia assets are posi- tioned in Ashburn, Chantilly, Herndon and Manassas. The building sizes range from a 38,000 s/f asset on Sullyfield Circle in Chantilly to a nearly 500,000 s/f asset on North Point Rd. in Baltimore. “Our pro-active approach garden apartments spread across seven buildings and 86 one and two-bedroom units in two elevatored buildings. Each of the 21 different unit types will include modern layouts, gourmet kitchens, in-unit laundry, luxury vinyl plank flooring, quartz kitchen and bathroom countertops, and stainless-steel appliances to provide a wide range of resi- dential options. Complementing The Ridge at Readington’s luxury resi- dential options, residents will also enjoy access to a diverse slate of resort-style amenities including a state-of-the-art clubhouse with a theater room, pool, gym and spacious outdoor lounge area as well as a tot lot, bark park and walking trails. “In today’s fast-paced and turbulent real estate market, Larken Associates’ ability to quickly realize emerging op- portunities and act on them continues to be critical to our company’s ongoing success,” said David Gardner , presi- dent and CEO of Larken Asso- ciates. “Through reimagining this site and tapping into our expansive in-house multifam- ily development, design and management expertise, we are confident that we will bring a one-of-a-kind residential expe- rience to those hoping to call Hunterdon County home and capitalize on the significantly elevated demand for multifam- ily space in the local market.” Hunterdon County’s central location between Philadel - phia and NYC paired with a unique blend of rolling rural
to engineering services for buildings in all asset classes resonates with property owners and investors,” said Comer. “This includes ex- ecuting protocols with ag- ing commercial office and industrial buildings to ad- dress issues with HVAC and mechanical systems to mitigate operating costs and extend the useful life of the asset. Especially during this time when property own- ers and tenants are paying extra attention to the qual- ity and flow of air in build - ings, our team is focused on implementing processes that assure healthy indoor environments.” MAREJ landscapes and burgeoning downtown areas continue to make it one of the state’s most in-demand places to live. Named the safest place in the United States to raise children, the county boasts some of the state’s best public schools and one-of-a-kind family ac- tivities such as Northlandz - the world’s largest indoor model train facility, the an- nual Hunterdon County 4-H Fair, and a variety of festivals and fairs held in vibrant towns like Clinton, Flemington, and Lambertville. Additionally, the county’s 8,000 acres of parks, trails and access to fresh fruits and vegetables found at its countless farms ensure it also one of the healthiest counties in the nation. Once completed, The Ridge at Readington will be the lat- est addition to Larken Associ- ates’ Larken Living portfolio. Comprised of 22 unique com- munities made up of 2,500 owned and managed residen- tial units across the northeast, the Larken Living portfolio defines excellence in residen - tial real estate development and management. Since 2019, Larken Associ- ates has continued to enhance the Larken Living portfolio with the addition of several projects to its development pipeline. Late in 2020, Larken Associates celebrated the open- ing of the first residential buildings at Autumn Ridge, a 198-unit luxury community in Lopatcong. The project is scheduled to be fully completed in the first half of 2021. MAREJ
A S H I NG T ON , DC — The man- agement division
Shaun Comer
Creekside Court Apartments
vania, has been selected to provide engineering services for a 16-building portfolio con- taining 2.4 million s/f of space situated throughout Maryland and Virginia. The properties are owned and managed by Exeter Property Group , a
could be beneficial for Projects with compliance issues prior to April 1, 2020 and helpful in preserving the intended credit stream. Relief for Operational Provisions 1) Income recertifications An Owner of a low-income building is not required to per- form income recertifications in the period beginning on April 1, 2020 and ending on Septem- ber 30, 2021. The Owner must resume the income recertifica - tions as due not later than October 1, 2021. Move-in and initial tenant income certifica - tions are still required. 2) Compliance monitoring The Agency is not required to conduct compliance-moni- toring inspections or reviews in the period beginning on April 1, 2020 and ending on September 30, 2021. The Agency must resume compli- ance-monitoring inspections or reviews as due not later than October 1, 2021. This re- lief only applies to the Agency and does not affect Owner’s compliance requirements dur- ing this period. Michael Pintabone, CPA is partner atWithum. MAREJ Craig Dunkle. “We’re grateful to have had the opportunity to sell the property for an institu- tional client and deliver a very attractive asset to an exception- ally qualified buyer. We’d like to thank both the buyer and the seller for seamlessly completing a complicated sale in a know- ingly difficult environment” “Our collaborative partner- ships with our brokers is a key piece in our proven process, and Creekside Court was no excep- tion”, Neil McKenna , senior VP of RealINSIGHT Market - place commented. “From the outset, we faced unique chal- lenges such as lower occupancy rates with students following a virtual learning format and opting out of housing near the university”. MAREJ
However, this provision does not appear to provide relief related to the minimum set- aside requirement, which, if not met at the close of the first year of the credits, the Owner will likely need to defer the 1st year credits. It’s also not clear how this provision will impact the Owner’s computation of the 1st year applicable fraction, which is done using a weighted average based on qualified oc - cupancy during the Owner’s 12-month year. Ideally, this period would be extended through June 30, 2021, cre- ating an 18-month period to determine the 1st year appli- cable fraction; however, the IRS Notice does not explicitly provide this. For now, the con- servative 12-month approach is suggested. 5) Correction period If a correction period that was set by the Agency as a result of its compliance moni- toring responsibilities ends on or after April 1, 2020 and before September 30, 2021, then the correction period is extended by a year, but not be- yond December 31, 2021. This SHIPPENSBURG, PA — Marcus & Millichap and RealINSIGHT Marketplace announce the sale of Creekside Court Apartments, a 120-unit student housing apartment property located in Shippens- burg. Craig Dunkle and Mher M. Vartanian , investment specialists from the Dunkle Group of Marcus & Mil- lichap ’s Philadelphia office, had the listing on this transac- tion. “Utilizing RealINSIGHT Marketplace’s robust auction marketing platform, we were able to create a competitive market for this student housing property amid a global pan- demic, ultimately sourcing 12 qualified bidders to compete for the benefit of our sellers” says
Larken Associates breaks ground on new multifamily community in Readington, NJ
READINGTON, NJ — Larken Associates , a re- gional leader in commercial and residential real estate building, development and management, announces it has broken ground on The Ridge at Readington, a luxury mul- tifamily community, located at 460 Rte. 22 in Readington. Targeted for completion in the summer of 2022, the multifam- ily project will bring 254 mar- ket rate and affordable units to Hunterdon County and further bolster Larken Associ- ates’ rapidly growing Larken Living residential portfolio. Construction for the project is being managed by Larken As- sociates’ in-house construction team, Core Enterprises . The groundbreaking marks the first step in Larken As- sociates’ transformation of a partially completed eight- building professional office campus on the 17.2-acre prop- erty. Originally, the site’s loca- tion along Rte. 22 presented a tremendous opportunity to capitalize on the high demand for professional office space in the area at the time. However, changing office market condi - tions and the elevated demand for housing in the Hunterdon County area spurred Larken to reenvision the site’s origi- nal usage and construct a dynamic, luxury multifamily community. Situated on Rte. 22 just over the border between Somer- set and Hunterdon Counties, The Ridge at Readington will feature 254-units with a mix of 168 one and two-bedroom
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