Real Estate Journal — Owners, Developers & Managers — February 23 - March 15, 2018 — 19B


M id A tlantic

O wners , D evelopers & M anagers

OVER, PA — Hol- l i day Fenog l i o Fowler, L.P. (HFF) Erkiletian Development Co. announces The Sur project in Arlington, Virginia HFF announces $20M sale of 2 adjacent apartment communities in Dover, Delaware D

announced the $20 million sale of two adjacent apart- ment communities totaling 311 units in suburban Dover, DE. The HFF team marketed the property on behalf of the seller, Dover Investors, LP, an affiliate of Anderson Ve- dic. A regional private buyer purchased the offering free and clear of debt. The properties in the port- folio consist of Alder Park Apartments and Pine Grove Apartments. Approximately 95 percent occupied overall, the properties are situated directly off Route 13 (Du- Pont Highway) and provide convenient access to numer- ous employment, retail and entertainment amenities in the region via nearby Route 1. Alder Park is located at 51 Webbs Lane and comprises 215 units averaging 639 s/f. Pine Grove is located at 255 Webbs Lane and comprises 96 units averaging 945 s/f. The communities share ame- nities, including a swimming pool with clubhouse, fitness center, barbecue area, on- site laundry facilities and on-site public transit access. The HFF investment advi- sory team representing the seller included senior direc- tor Carl Fiebig , senior man- aging director Mark Thom- son and director Francis Coyne along with Robert M. Stella of Financial & Consulting Services, Inc., a licensed Delaware real es- tate broker. “With original kitchen and bathroom finishes and rents trailing the market average, the portfolio provided the quintessential value-add op- portunity,” Fiebig said. In other HFF news, Erki- letian Development Com- pany has secured funding and subsequently broken ground for development of The Sur, a luxury 360-unit class A multifamily develop- ment in the Potomac Yard submarket of Arlington, VA. The HFF team Walter Coker, Brian Crivella and Susan Carras arranged the preferred equity through PCCP while U.S. Bank pro- vided the construction loan. All told, total development costs for the project are in excess of $148 million. n

Alder Park Apartments

Pine Grove Apartments

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