4B — September 30 - October 13, 2016 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers Apartment Community in Greensboro, NC NJ-based Solomon Organization purchases 284-unit Lake Brandt
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Connecticut, Pennsylvania, Michigan, Virginia, and North Carolina. “We now own nearly 900 units in North Carolina, which is particularly appealing be- cause of constantly expanding employment opportunities from the Research Triangle to the Piedmont Triad.” said Zach Solomon , managing director for The Solomon Organization. “We anticipate more acquisi- tions in these markets as there is a need for luxury housing at affordable rents, which is ex- actly what we strive to provide with our communities.”
The Solomon Organization will immediately begin renova- tions to the interiors and com- mon areas of the community located at Lake Brandt Road near Old Battleground Rd. in northwest Greensboro. The property sits on over 32 acres of gently rolling hills and was developed in 1995. Amenities include a resident clubhouse, indoor and outdoor pool, fitness center and tennis courts. n Marcus &Millichap trades Ne Dc prop. for multifamily dev.
REENSBORO, NC — New Jersey-based The Solomon Orga-
nization has purchased its third North C a r o l i n a multi-family p r o p e r t y , the 14-build- ing, 284-unit Lake Brandt Apartments in Greensboro.
Zach Solomon
The latest acquisition brings its holdings to more than 12,000 apartments in seven states in- cluding New York, New Jersey,
Lake Brandt Apartments
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2027 Rhode Island Ave. NE
WASHINGTON, DC — Marcus & Millichap an- nounced the sale of 2027 Rhode Island Ave. NE, a 3,739 s/f mixed-use property located on 10,780 s/f of land in Washing- ton, DC, according to Bryn Merrey , division manager of the firm’s Mid-Atlantic offices. The property closed at $1.9 million, more than ten percent above list price. Benjamin Wilson and Ryan Smith , investment spe- cialists, along with Josh Feld- man , VP investments, in Mar- cus & Millichap’s local office, had the listing to market the property on behalf of the seller who was looking to relocate the business. “We have worked closely with the seller since 2015 to advise him as he planned to move his business from this location,” said Wilson. “Ultimately, he felt he could maximize his re- turn by selling now.” “This transaction is an indi- cation of the increasing prices along Rhode Island Avenue NE as the corridor’s prices adjust to reflect the strength of the greater Washington, D.C. mar- ket,” said Wilson. Feldman, Wilson, and Smith worked with Cameron Webb , an investment specialist in Marcus & Millichap’s local, to secure the investor, a developer and long term client of Webb. The investor plans to develop 30+ multifamily units on the property, by virtue of the cur- rent C-2-A zoning. n
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