CAMP SPRINGS, MD – Spirit Bascom Ventures, LLC, a joint venture between Stamford, Connecticut based Spirit Investment Partners, LLC and Irvine, California based The Bascom Group, LLC, has bought Tribeca at Camp Springs, a 198-unit residential community plus 18,880 sf of ground floor commercial space that was built by Wood Partners in 2008.  The community is located at 4701 Ancient Soper Road in the Washington D.C. Metro area of Camp Springs Maryland. 

CIT Group provided debt financing to buy the property.  The debt financing was sourced by Jamie Leachman of HFF.  Walter Coker and Brian Crivella of HFF represented the seller on the transaction.

Scott Zwilling, a principal of Spirit Investment Partners, clarifies, “We are excited about acquiring a quality asset in the Washington D.C. market.  We hope this is the first of many in the area.”  David Nachman, a principal of Spirit Investment Partners, also added, “With the migration of capital towards value added apartments, we have seen many more opportunities in the past year to buy Class A assets such as the Tribeca at Camp Springs.”

The 2008 built transit oriented property is situated inside the Beltway and directly adjacent to the Branch Avenue Metro station offering an simple commute to Washington D.C. and other local job centers.  

The property features oversized residential units that include a full host of modern features and quality appointments such as 9’+ ceiling heights, large gourmet kitchens, crown moldings throughout, private balconies, large walk-in closets, and structured parking.  The community offers an array of amenities including a large clubhouse with billiards room, a resort style pool with outdoor kitchen, a fitness center, dog park, and putting green. 

The commercial space is fully leased to a mixture of local amenity retailers providing services to the tenants and greater community.  

Spirit Bascom Ventures, LLC a joint venture between Spirit Investment Partners, LLC and The Bascom Group, LLC was formed to buy transitional multifamily assets in the Northeast, Southeast and Midwest markets. 

Powered by WPeMatico

NEW YORK, NY – Co-developers CIM Group and Macklowe Properties announced that 432 Park Avenue, the soaring 1,396-foot luxury residential condominium, has posted the all-time record for the highest dollar volume in residential unit closings of any New York City residential project. Recorded sales at 432 Park Avenue, the world’s tallest residential building, total more than $2 billion, a milestone that surpasses the total dollar volume of initial unit closings in any single residential project in New York City’s history. Among 432 Park Avenue’s significant closings are 48 residences in excess of $20 million each, confirming the building’s position as one of the most successful and desired addresses in the world.

“The residents of 432 Park Avenue already know it to be an established building with an incredible array of amenities and exceptional service. With this significant sales accomplishment, it is clear that ‘432’ has become one of the most coveted addresses in New York City and beyond,” said Howard M. Lorber, Chairman, Douglas Elliman Realty, which is co-exclusive sales agent with 432 Park Avenue’s in-house sales team.

“In more ways than one, 432 Park Avenue has achieved unprecedented heights and we could not be prouder,” added Susan de França, President & CEO, Douglas Elliman Development Marketing. “432 Park Avenue continues to be Manhattan’s market leader, and an incredible success tale.”

Designed by world-renowned architect Rafael Viñoly, 432 Park Avenue is a perfect square of architectural design, ascending to the very top of the Manhattan skyline with panoramic views of major local landmarks, including the Statue of Liberty, New York Harbor, Central Park, Lower Manhattan and Midtown Manhattan skylines, Hudson River, East River, and the Atlantic Ocean. The building’s residences start 356′ above street level, guaranteeing stellar views from every home. The residences feature 12’6″ finished ceiling heights, 10′ by 10′ windows, solid oak flooring, Italian statuary book-matched marble floors, vanities, and walls in the baths as well as countertops and backsplashes in the kitchens, and the finest interior finishes and appliances. Residence interiors were designed by celebrated New York architect Deborah Berke, the dean of the Yale School of Architecture.

432 Park Avenue’s amenities and services are on par with the world’s leading five-star hotels, all in a private residential setting. The building’s 30,000 square feet of amenities include three full floors dedicated to dining, entertaining, and wellness, highlighted by a private restaurant helmed by Michelin-starred chef Shaun Hergatt, 75-foot indoor swimming pool, billiards room and library, executive boardroom with state-of-the-art teleconferencing equipment, 18-seat screening room and performance space, and a fitness center with yoga and treatment rooms programmed and managed by The Wright Fit. Beginning at approximately 100 feet above street level, these amenity floors are all double-height, with 28-foot ceilings and two tiers of 432 Park Avenue’s signature oversized windows flooding the interiors with natural light.

The private porte-cochere entrance establishes an exclusive and secure arrival experience, a sentiment that carries through the interior. The handpicked staff includes veterans from the luxury hospitality and residential fields who provide top-tier concierge services and facilitate a lifestyle of effortless luxury. As an extension of the building’s dedication to the comfort and convenience of its residents, on-site climate-controlled wine cellars, accessory suites, studio apartments for guests and staff, private storage, and on-site parking are also available to complement the residences.

Powered by WPeMatico

HOUSTON, TX – Cardone Capital, a Miami-based multifamily investment firm, has bought Woodway Square, a 507-unit apartment complex located in Houston, Texas. The seller of the property was Fairfield Residential.

Woodway Square is one of the assets controlled by Cardone Capital’s $40 million Cardone Equity Fund. 

Grant Cardone, CEO of Cardone Capital, said, “Woodway Square is exactly what we look for at Cardone Capital—fantastic location, affordable housing, and a value add component bought well below replacement cost.”

Built in 1992, the property sits on 15 acres with a 2-acre park, 60 yards from Whole Foods and surrounded by million dollar homes.

Cushman Wakefield acted as agent for the transaction. 

Cardone Capital is a private-equity real estate firm that specializes in the multifamily housing sector. With 20+ years of experience in the real estate industry, the firm buys, improves, and operates multifamily real estate in growth markets in five states.

Powered by WPeMatico