JV Buys 400 Units in VA
- Mar 22, 2018
A joint venture of Brick Lane and Red Starr Investments has acquired 400 units in an apartment community in Newport News, Va. HFF worked on behalf of the partnership to secure $18.7 million in acquisition financing. The 10-year, fixed-rate loan was arranged through Freddie Mac’s CME program.
The partnership purchased 77 buildings of the total 95, sitting on a 42-acre plot at 4801 Marshall Ave. The unit mix at Meadow View Townhomes bought by Brick Lane and Red Starr features one- to four-bedroom floorplans, totaling 345,660 square feet. Unit sizes range from 575 to 1,074 square feet. Community amenities include a playground, two laundry facilities and more than 900 parking spaces.
Meadow View is located within walking distance of several schools, multiple restaurants and retailers. Interstate 664 is nearby, providing easy access to major employers such as Langley Air Force Base or the Newport News Shipyard.
“This is Brick Lane’s fourth acquisition—and its first with Red Starr—in the Tide Water market in the last five months and this continues to build on their platform within the market of creating value within the workforce housing segment,” said Jamie Leachman, senior director at HFF, in a prepared statement.
Leachman, together with Director Nicole Brickhouse, comprised the team working on behalf of the joint venture. Recently, HFF arranged $115.4 million in construction financing and preferred equity for a mixed-use development in Fairfax, Va.
Image courtesy of HFF