Boston-based Berkshire Income Realty Inc. has entered into an agreement to sell 345-unit Westchester West Apartments in Silver Spring for $53.4 million, or $154,800 per unit. The buyer is assuming a $37.5 million mortgage debt as part of the transaction. Berkshire acquired the Westchester West from an affiliate three years ago for $39.3 million. Located at 3212 Hewitt Ave., Westchester West is a garden-style multifamily complex developed in the early 1970s.
Avera Station, a 250-unit apartment building in Vienna, has traded for $65.8 million. San Francisco-based Carmel Partners was the buyer – this is its fifth multifamily in the Northern Virginia market in fact. The seller was Atlanta-based Beazer Homes, which had originally developed the property as a condo. When the condo market imploded Beazer was left with a partially sold project on its hand; Carmel acquired the building free and clear of sales contracts at closing. Several weeks later some 40% of the luxury apartments are now leased. Carmel has renamed the building Carmel Vienna Metro – a nod to its location over the train stop.
J Street Development has acquired 666 11th St. in a joint venture with a fund advised by the US real estate business of UBS Global Asset Management. J Street plans to renovate the 109,959 SF, 11-story corner office building, which is located on top of the Metro Center station. Right now, the class B building is about 90 percent occupied.
Blake Real Estate re-inked a 70,000 SF lease with the Secret Service at 1100 L St., keeping the Downtown building fully occupied. Steve Lustgarten, Blake Real Estate executive vice president, represented Blake in the transaction; the General Services Administration represented the Secret Service. Other tenants in the building include
CACI and the Civil Division of the Department of Justice. Overall, Blake’s building portfolio, which includes buildings on K Streets, G Streets, Rhode Island Ave and Connecticut Ave, is 99 percent occupied--compared to the average of 92 percent of comparable DC buildings, according to the company.
Perseus Realty Capital LLC has launched PRC Securities – a new fund raising arm that is targeting mid level funds between $350 million to $500 million. Perseus has been involved in capital raising and debt restructuring over its three-and-a-half year history; PRC Securities, though, represents the company’s push into discretionary fund raising for third party owners and operators. The new subsidiary will focus on raising joint venture equity for project-level and programmatic investments as well as commingled discretionary funds for public and private real estate investment companies. Managing Director Jay Jarrett will head the East Coast operations. Julie Rost from Eastdil Secured will be leading the company’s West Coast office.
Green Park Financial and J.S. Watkins Partners have formed a partnership to package small-sized multifamily loans from commercial banks and place them with Fannie Mae. The small loan pools will not top $100 million – a ceiling that most small loan pools usually exceed. That is one of the differentiators of this program, according to executives at both firms. The other is J.S. Watkins Partners’ close ties to Fannie Mae. The companies are launching this program with the assurances from the GSE that there is indeed an appetite to place these loans, despite its move into conservatorship earlier this month. Some $200 million in transactions should be processed over the next year and a half.
MRP Realty has sold two acres to OTO Development at its mixed-use development at Loudoun – Lakeview at University Center. The project is a $120 million, 600,000 SF park. OTO is planning to build a 131-key Marriott SpringHill Suites hotel.
Boston Capital Finance has closed a $10.4 million permanent loan for Ocean Gate Apartments in Virginia Beach. The general partner is Virginia-based National Housing Corporation. Ocean Gate Apartments is a 174-unit apartment building.
Neil O. Albert, the District of Columbia’s Deputy Mayor for Planning and Economic Development, has been named to the Board of Directors of Washington Metro and Transit Authority.
A sign of the times? Fairfield Residential will be conducting, via Sheldon Good & Company, a developer closeout auction of the remaining two-and three-bedroom residences in the 404-residence Ashmore at Germantown condominium community. The auction will be on Sunday, November 16th at the Hilton Rockville Hotel and Executive Conference Center. Originally priced from $335,900 for the two-bedroom residences and $383,900 for the three-bedroom homes, fifteen of the residences will be sold subject to low minimum bids, which start at $95,000.