TODAY’S DEALS: AEW Capital Management Buys 252 Units in Maryland
Odenton, Md.—AEW Capital Management is the new owner of The Haven at Odenton Gateway, a 252-unit Class A community located in Odenton, Md. The transaction was brokered by Holliday Fenoglio Fowler, who marketed the asset and represented the seller, Johnson Development Associates.
“The recent large-scale relocation effort by the Department of Defense to Fort Meade, which is less than a 10 minute drive from the property, will only further ensure the long-term success of this well-located, luxury community solidifying the strength of this investment,” says Alan Davis, senior managing director at HFF.
Built in 2012, The Haven at Odenton has a community amenity package featuring a saltwater pool, poolside cabanas with televisions, a fitness center, private theater room, conference room, a clubhouse with coffee bar and kitchen, a dog run and a car care center.
CBRE/New England secures JV partner for Mass. development
Westford, Mass.—CBRE/New England’s Debt & Equity Finance and Multi-Housing Teams have secured Guggenheim Real Estate as a joint venture partner for Princeton Properties’ Westford Apartment Homes. The to-be-built, Class A community will feature 200-units situated in Westford, Mass. It has a total project cost of $38 million.
“Guggenheim recognized the exceptional demographics and school system in Westford, as well as the positive momentum stemming from office and retail development in the immediate area,” says CBRE/NE’s Carlos Febres-Mazzei, senior vice president. “Paired with Princeton Properties’ impressive track record in the multi-housing sector, the investment opportunity for this project was compelling.”
Construction is expected to begin in September 2013. Twenty percent of the units will be reserved as affordable at 50 percent of area median income, which makes the project eligible for tax-exempt bond financing.
“We are always looking for new opportunities—either new construction or acquisition,” says Andrew Chaban, CEO of Princeton Properties. “Princeton Westford Apartment Homes is really in our sweet spot designed as luxury apartments in an upscale community utilizing attractive financing. Princeton got its start acquiring and building multifamily housing in this area of Massachusetts and we’re excited to be adding to our portfolio.”
Charles Dunn completes $14M sale in Hollywood
Los Angeles—Charles Dunn Co. has completed the $14 million sale of Sycamore Apartments, a 75-unit property located near the cross street of Santa Monica Blvd. at 1134 N Sycamore Ave. in Hollywood. The buyer was Sycamore Fields LLC, the seller was 1134 N. Sycamore Partners LP. The first year cap rate based on the sales price should be 4.2 percent. The asset was 75 percent leased at sale.
“The asset is located in a high demand area for rental property,” says Hamid Soroudi, senior managing director with Charles Dunn. “The buyer plans to add value to the property by repositioning/renovating the property and increasing rental rates.”