26B — July 28 - August 10, 2017 — Owners, Developers & Managers — M id A tlantic Real Estate Journal


O wners , D evelopers & M anagers Stimler represents both parties Greysteel arranges sale of 185 Prospect Park West

rooklyn , NY — Greysteel , a national commercial real es- tate investment services firm, has arranged the sale of 185 Prospect Park West for a local private investor. Representing both the buyer and seller, the transaction was negotiated by Greysteel senior investment associate, Michael Stimler , from the firm’s New York office. The Property closed for 21 x GRM and $725,000 per unit. 185 Prospect Park West, built in 1920, consists of 10 units and is located along one B

of the most desirable blocks in Brooklyn. “Three of the 10 units are rent stabilized, and the re- maining seven units are free market, which allows for an immediate increase in rental income following lease turn- over,” said Mr. Stimler. “With our national platform and shared database, we are able to relocate equity and find purchasers not just across the boroughs but across the country.” n JAGopens 270-unit affordable housing development McLean, VA — J effer- son Apartment Group, SCG Development , and the Fairfax County Redevel- opment and Housing Au- thority (FCRHA) celebrated the opening of the Residences at Government Center, Fair- fax’s newest affordable hous- ing development. Situated on just over eight wooded acres facing Monu- ment Drive, the Residences at Government Center offers 270 affordable rental units for Fairfax County’s workforce. It is a unique public-private partnership between Fairfax County, SCG Development, and Jefferson Apartment Group. By leveraging county land, the community was built at no cost to the local taxpayer. It is the first in Virginia to employ a hybrid financial structure utilizing both nine percent and four percent Low-Income Hous- ing Tax Credits to fund its development. The four-story apartment community features garage parking, fitness center and outdoor pool, conference room, outdoor courtyards, play area, and a community room. Green features include low volatile organic compound (VOC) paints, Energy Star ap- pliances, and high-efficiency water heaters. Speakers and guests at- tending the grand opening included Congressman Ger- ald E. Connolly, the Fairfax County Board of Supervisors, the Fairfax County Redevel- opment and Housing Author- ity (FCRHA), SCG Develop- ment, Jefferson Apartment Group, as well as a host of other community leaders and guests. n

185 Prospect Park West

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