TODAY’S DEALS: CBRE Global Investors Acquires D.C.-Area Community
Ashburn, Va.—CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has acquired the Residences at Moorefield Village. The 413-unit Class A property features 29,041 square feet of ground floor retail space and is located in Ashburn, Va., within a master-planned community.
“Based on its vintage condition, quality of construction, location and amenity package, Moorefield should occupy a position at the top of the competitive set,” says Steve Gullo, managing director, CBRE Global Investors Multi-Housing Group. “Under a new owner-operator with a dedicated asset management team and the installation of a best-in-class property management company, we believe we can successfully reposition Moorefield as the premier community in the submarket.”
Moorefield Village features 11 buildings built from 2009 to 2011. It is the only property in Ashburn that offers both garden and mid-rise style construction and podium parking. The Strategic Partners team has plans to enhance the asset’s common area amenities by updating the lounge and clubroom, reformatting the fitness and business centers and upgrading the courtyard. CBRE will also work to fill up vacant retail space.
Edwards Companies lands $13.8M mezzanine financing for Denver development
Denver—Holliday Fenoglio Fowler has landed a $13.8 million mezzanine loan for Edwards Companies to finance Prospect Park, a to-be-built, 295-unit community located in Denver. The financing was placed with Behringer Harvard Opportunity REIT II. Proceeds will be used in conjunction with a construction loan to finance construction of the development.
When complete in 2014, the property will have studio, one-, two- and three-bedroom units within a five-story, 300,000-square-foot building built over a 350-spot parking garage. Amenities will include a two-story community center with café, business center and billiards, a rooftop community space, multiple courts and a pool. Prospect Park is also adjacent to Coors Field, home of the Colorado Rockies.