TODAY’S DEALS: Cassidy Turley Arranges JBG’s $222M Sale of Newly Constructed Multifamily Properties
Cassidy Turley announced that it represented The JBG Cos. in the sale of the newly completed Sedona and Slate, located in Arlington, Va.; Cushman & Wakefield arranges the sale of 163 condos in Florida; and Arc Capital acquires a 139-unit apartment community in Austin.
Arlington, Va.—Cassidy Turley announced that it represented The JBG Companies in the sale of Sedona and Slate, located at 1510 and 1530 Clarendon Blvd. in Arlington, Va. The property was purchased by ASB Real Estate Investments for $222 million.
Paul Collins, Bill Collins and Christopher Doerr of Cassidy Turley represented The JBG Companies in the 474-unit mixed-use multifamily and retail transaction.
“JBG did a terrific job developing a best-in-class asset,” Doerr says. “There was tremendous competition for this project which illustrates the strength of the D.C. multifamily market.”
These two newly constructed trophy apartment buildings consist of 474 units located along Clarendon Boulevard in Rosslyn, allowing residents convenient access to the Rosslyn and Court House Metro stations serving the blue and orange lines as well as major vehicular thoroughfares including I-66, Route 50 and the George Washington Memorial Parkway. The building also features 10,080 square feet of ground floor retail space. On-site amenities for these two buildings include a 24-hour concierge, controlled-access, ¾-acre urban park offering outdoor seating and grilling stations, Wi-Fi, bicycle room, business center, fitness center, rooftop deck with pool and on-site restaurants.
Sedona is a 15-story, 271-unit high-rise tower that delivered in the second quarter of 2013 and features 1,580 square feet of ground-floor retail.
Slate is a 12-story, 203-unit high-rise tower that delivered in the third quarter of 2013. The property features 8,500 square feet of ground-floor retail.
Sedona and Slate are anticipated to be Arlington County’s first residential LEED Gold Certified New Construction.
C&W arranges $17.4M for bulk condo purchase
Celebration, Fla.—Cushman & Wakefield’s Equity, Debt & Structured Finance Group, has closed a $17.4 million loan on behalf of affiliates of Walton Street Capital and Levin Realty Advisors for the purchase of 163 unsold condos within the 210-unit Mirasol at Celebration community. The condo property is located near the intersection of Interstate 4, U.S. Highway 192 and State Route 417, approximately three miles from Walt Disney World.
“The acquisition loan provided the client a flexible prepayment structure for the purchase and retail sellout of one of the premier condominium communities in metro Orlando,” says Mike Ryan, senior managing director at Cushman & Wakefield’s Atlanta office.
Ryan worked along with Brian Linnihan and Jeff Walker, also of the C&W Atlanta office in arranging acquisition financing on behalf of the buyer. Jay Ballard, Ken Delvillar and Lindsey Pfaender of C&W’s Orlando Multifamily Investment Sales Group represented the undisclosed seller.
Amenities at the property include a full-time concierge, a private day spa, billiards room, walking trails and a resort-style pool area.
Arc Capital acquires Austin apartment community
Austin, Texas—Arc Capital Partners has acquired a 139-unit apartment community in Austin’s South Congress submarket known as The Establishment. The company partnered with Cardinal Group Investments in the purchase. The property was picked up in an off-market transaction and will be rebranded by CGI.
“As investors in Austin for over a decade, we immediately recognized this as an opportunity to generate an attractive, risk-adjusted return in a market with a growing population an employment base,” says Neville Rhone, managing partner of Arc Capital Partners. “We are very excited to partner with Cardinal Group Investments in our first investment since forming Arc Capital Partners. They have a demonstrated commitment to quality with the Mint Urban brand and are focused on improving the resident experience on the property.”
Located 10 minutes from downtown Austin, The Establishment will target the Millennial demographic looking for contemporary space near an urban corridor. Amenities include a swimming pool, barbecue and picnic areas, as well as communal courtyards.