Mid-Atlantic
MARKET SNAPSHOT: Top-Tier Assets in Philadelphia Spark Investor Interest
Philadelphia–During the first half of the year, interest in Class A properties in the Philadelphia metro increased, according to Marcus & Millichap’s third quarter report.
David Brickman Takes Over as Head of Multifamily at Freddie Mac
David Brickman was named senior vice president, multifamily, at Freddie Mac in June, succeeding Michael May.
Florida-Based Bainbridge Expands Into Triangle Apartment Market
Wellington, Fla.-based Bainbridge Cos. has opened a new office in Cary, N.C., with a goal of expanding its operations in the Triangle apartment market (Raleigh, Durham, Chapel Hill and environs, also known as the Research Triangle).
Boston Capital Announces Investment in Affordable Housing
Quality of life for low-income families in Virginia stands to be boosted as a result of new investment by the largest owner of apartments in the United States.
CRP at Work on Five Mid-Atlantic Apartment Properties
Chesapeake Realty Partners has started work on the development of five apartment properties in Maryland, Virginia and Pennsylvania. All together, the developments will total 1,260 residences and cost about $186.5 million.
Harbor Group Expands Apartment Management Portfolio
Harbor Group Management Co. has taken over the property management business of Great Atlantic Management. Great Atlantic’s portfolio of 21 properties includes 3,880 apartment units and about 116,000 square feet of commercial space in Virginia.
Tower Companies Undertakes BOMA’s Green Challenge
Rockville, Md.–The Tower Cos., a developer of commercial properties, will incorporate the Building Owners and Managers Association International’s 7-Point Challenge as part of business practice, which include benchmarks such as decreasing energy consumption and employing Energy Star metrics.
Bainbridge Develops Green Luxury Multi-Housing Property in Bethesda, Md.
The Bainbridge Cos. has begun construction on Bainbridge Bethesda, a luxury apartment development located in Bethesda, Md., an urban district outside of Washington, D.C.
National Harbor Establishes Brisk Sales Pace in D.C. Area
Washington, D.C.–At The Peterson Cos.’ National Harbor development, more than 100 homes were sold between early 2010 and the first quarter of 2011.
Joint Venture Formed to Recapitalize Two Archstone Apartment Properties
Washington, D.C.–Allianz Real Estate and the Canada Pension Plan Investment Board (CPPIB) have acquired an 80 percent interest in two Archstone apartment properties. The deal was done through a joint venture structure formed by the two with Archstone.