Suitland, Md.—The Donaldson Group and its equity partner, New York-based Angelo, Gordon & Company, have acquired Pinewood Chase, a 492-unit property located in Suitland, Md. The acquisition price was $27.4 million and the partnership plants to invest an addition $12 million into renovations.
“Pinewood Chase presents The Donaldson Group and Angelo, Gordon with an outstanding opportunity to acquire a well-located apartment community in a strong rental market with considerable opportunities to create value for both our partnership and residents through our planned renovations,” says Carlton Einsel, executive vice president at The Donaldson Group.
Meridian Capital Group assisted the partnership in landing acquisition financing from New York Community Bank. Transwestern’s Mid-Atlantic Multifamily Group represented the seller, The Lighstone Group of Lakewood, N.J.
The renovations will focus on replacing the original heating and cooling plant with individual high-efficiency electric heat pumps for each apartment. The new owners will also construct a clubhouse with fitness center, business center and leasing office. The swimming pool and bathhouse will also be updated.
Essex Realty Group sells Chicago portfolio
Chicago—Essex Realty Group Inc. has sold a portfolio consisting of six apartment buildings located on Chicago’s south and southwest sides. The properties total 249 units. Doug Imber of Essex Represented the seller and Matt Welke and Doug Fisher, also of Essex, represented the buyer. The price of the portfolio was approximately $3,300,000.
The assets in the portfolio include: Marquette Park – 85 units; Avalon Park on S. Ingleside – 45 units; Avalon Park on S. Cottage Grove – 29 units; Grand Crossing on S. Stewart – 62 units; Grand Crossing on S. Harvard – 13 units; and South Chicago – 15 units.
Deutsche Bank Berkshire Mortgage provides $31.4M in I/O Fannie Mae financing
Houston — Deutsche Bank Berkshire Mortgage (DBBM) recently provided a $31.4 million Fannie Mae loan for the acquisition of Domain at Kirby, a 293-unit Class A community, located in Houston.
The five-year, fixed-rate loan is full-term interest-only. Principal Real Estate Investors purchased the property through a presale obligation with the developer. DBBM locked and closed the loan based on one month of net rental collections.
Built in 2009, Domain at Kirby achieved over 90 percent occupancy within 18 months. The property amenities include 9-10 foot ceilings, breakfast room, stainless appliances, under cabinet lighting, tiled backsplash, granite countertops, walk-in closets, washer/dryer and alarmed access gates.
“The market appetite for Fannie Mae loans continues to grow,” says Jeff Day, co-head of DBBM. “The team worked seamlessly to execute this successful transaction.”