AREA Property Partners Acquires 1,180 Units in Virginia

AREA Property Partners buys a large asset in Alexandria, Va.; Chestnut Hill Realty completes an addition on a Massachusetts re-positioning; and Mortgage Equicap arranges a $17 million construction loan.

EOS 21

Alexandria, Va.—AREA Property Partners has completed the acquisition of EOS 21, a 1,180 unit community located in Alexandria, Va. The seller and price were not disclosed. AREA picked Ross Management Services to manage the property.

“This transaction represents an attractive opportunity to invest in a well-located property with excellent proximity to the Van Dorn Metro and to provide high-quality workforce housing in one of Washington, D.C.’s strongest submarkets for multifamily housing,” says James Simmons III, a partner at AREA.

EOS 21 is located inside the Beltway with direct access to the I395 corridor. There community also has a free shuttle service to the Van Dorn Metro Station. The unit mix consists of studio, one- and two-bedroom apartments. Amenities include on-site daycare, two swimming pools, four tennis courts, a sand volleyball court, fitness center, clubhouse with billiards, a business center, library, theater room and a barbecue area.

Chestnut Hill completes Massachusetts development

Norwest Woods

Norwood, Mass.—Chestnut Hill Realty has completed Norwest Woods, a 54-unit apartment community located Norwood, Mass. The development accounts for nearly 10 percent of all the new apartments built in greater Boston within the past year. The completed construction represents the final phase of a 91-unit, four-building project that began in 2008.

“Although the demand for apartment space has risen sharply in Eastern Massachusetts, a distressed economy and high barriers to entry have prevented production from keeping pace,” says Edward Zuker, founder and chief executive officer of Chestnut Hill Realty. “This new construction helps meet an important need in the region while solidifying Norwest Woods’ reputation as a well-respected community.”  

The transformation of Norwest Woods began when CHR acquired the 322-unit property in 1999. At the time it was “run-down and struggling”, according to the press release issued this week. The group created a plan to reposition the facility beginning with a new clubhouse, pool, landscaping and entrance.

“Norwest Woods is another Chestnut Hill Realty success story,” says Robert Zuker, chief operating officer of CHR. “Vacancy rates are down, the resident population is more diverse and financially stable, and the property is well positioned for many years to come.”

Mortgage Equicap arranges $17M construction loan at 75% LTC

New York—Daniel Hilpert, managing director of Mortgage Equicap, announced that the company arranged a $17 million construction loan for a 60-unit ground-up apartment development in Brooklyn.

The proceeds are used to refinance an existing construction loan and build an additional 30 units on the adjacent lot. The property is located in the Clinton Hill section of Brooklyn.

Mortgage Equicap said it is in process of arranging in excess of $50 million of construction financing for projects in New York and Brooklyn. Rates are as low as 3.75 percent for qualifying projects and borrowers.