TODAY’S DEALS: NorthMarq and Deepwater Advisors Sell Washington D.C. Apartment Building
NorthMarq Investment Services and Deepwater Advisors LLC announced the sale of The Ellington Apartments; and ARA brokers asset sale in the secondary market.
Washington, D.C.—NorthMarq Investment Services and Deepwater Advisors LLC announced the sale of The Ellington Apartments, a 167,000 sq. ft. 190-unit, Class A apartment/retail building located at the corner of 13th and U Street in Washington D.C.
NorthMarq Managing Director Donald B. Tennant Jr. represented the seller, Donatelli Development in the transaction. Ed McEnery and Doug Smith of Deepwater Advisors represented the Core Property Fund managed by the New York and Charlotte-based pension fund TIAA-CREF, the buyer.
The Ellington, a seven-story, multifamily project including 17,000 sq. ft. of retail space on the ground floor with six retail tenants, was developed in 2004 by Donatelli Development and Gragg and Associates, and is located at 1301 U St. NW. Apartment occupancy is near 100 percent.
“The Ellington is an outstanding example of the top quality developments that have anchored the re-birth of the U Street corridor,” says Deepwater Advisors Managing Director Smith. “Donatelli Development’s commitment to the community and TIAA-CREF’s recognition of the importance of a project such as The Ellington should help make this asset a centerpiece of its Core Property Fund.”
“The Ellington is in the heart of one of DC’s most vibrant neighborhoods,” says NorthMarq’s Tennant. “We are pleased to have played a role in the sale of this fantastic property.”
ARA brokers asset sale in secondary market
El Paso, Texas—ARA arranged the sale of Indian Springs Apartments in El Paso, Texas.
On behalf of ARA’s Texas Secondary Markets team based in Austin, Jeff Patterson and Kelly Witherspoon represented the seller, an Iowa-based regional investment firm, which owns and manages apartment communities throughout the US. The buyer is a Texas-based private investment firm, which owns and manages over 34,000 multifamily units nationally, as well as 10 million square feet of commercial properties.
“Indian Springs is a well-located community on the west side of El Paso with excellent access to the area’s schools, retailers and employers,” says Jeff Patterson. “The property amenities, which include a fitness center, internet café, large swimming pool and lounge area, will continue to make Indian Springs one of the premier Class ‘B’ communities within the submarket.”
“The buyer has prior experience in the El Paso market and understands its fundamentals well,” added Patterson. “They intend to perform interior and exterior renovations to enhance the property’s appeal to the large renter pool that currently exists on the west side of town.”
According to Kelly Witherspoon, “El Paso is one of the strongest performing multifamily markets in the nation, with same-store rent growth from 1Q-2010 to 1Q-2011 of nearly 8.0 percent and occupancies averaging 96 percent with no concessions.
The expansion at Fort Bliss to accommodate the influx of soldiers and their families stemming from base realignment, as well as the relocation of Mexican Nationals from Juarez, are just two of the factors that fuel the El Paso economy currently and will continue to drive growth for many years,” says Witherspoon.
El Paso has been ranked one of the top five safest communities with populations over 500,000 for many years in a row by CQ Press, including number one in 2010. Newsweek recently ranked El Paso number one among 200 of the nation’s largest cities on their list of ‘Can-Do Capitals’ for its quality of life, sustainability, livability, transportation and infrastructure.
Indian Springs is a private, gated community located at 7049 Westwind Drive. The 232-unit property was built in 1982, and offers one and two bedroom floor plans averaging 835 square feet. Community features include a large swimming pool with sundeck, conference/computer center, bike racks, playground area, picnic area with barbeque grills, covered parking, 24-hour fitness center, and courtesy patrol. Unit interior features include dishwashers, frost-free refrigerators, private patios or balconies, self-cleaning ovens, walk-in closets, full size washer and dryer in each unit, alarm system, ceiling fans, kitchen pantries, linen closets, refrigerated air conditioning, and wood-burning fireplaces in select units.
