ALEXANDRIA, VA – Lowe and USAA Real Estate announced the start of construction of Park + Ford, the conversion of two former office buildings in the Park Center complex in Alexandria, Virginia into 435 modern apartments. The 14-tale buildings, located at 3101 Park Center Drive and 4401 Ford Avenue will provide 435 apartments. The 115,000 square-foot office building at 4300 King Street will remain an office building including the 55,000 SF X-Sport Fitness club as part of the newly envisioned mixed-use center.
Park Center is well-located and presents an ideal opportunity to transform the existing property into a mixed-use complex that is designed to meet the evolving demands of renters in Northern Virginia, said Lowe Executive Vice President Mark Rivers. The new Park + Ford apartments will provide attractive, modern residences with convenient access to major employment, retail and entertainment centers in nearby Arlington and Alexandria.
The apartments at Park + Ford will be configured as studio, one- and two-bedroom units in a variety of floor plans. The units will be fitted with contemporary fixtures and appliances with a nod to Alexandria s industrial historical past. The former office building s floorplates and high ceilings are ideal for reconfiguring into comfortable residences infused with natural light and expansive area views. Residents will have a host of indoor and outdoor common areas for co-working, small gatherings or silent relaxation.
Situated at the intersection of I-395 and King Street (Route 7), Park Center offers simple access to the Pentagon, National Landing, Ronald Reagan National Airport and downtown Washington, DC. Park Center also is served by an abundance of restaurants, shops and entertainment options, including a large array nearby at The Village at Shirlington, and along the Route 7/King Street corridor.
The apartment conversion is anticipated to be complete in 2021. Lowe will continue to manage the office building at 4300 King Street through its property management affiliate, Hospitality at Work.
Lowe and USAA Real Estate previously teamed on the development of the 705,000-square-foot National Science Foundation Headquarters building in Alexandria, Virginia, which was completed in August 2017.
Lowe established its Washington, D.C. area office in 1980 and has been an active investor and developer of commercial real estate throughout the region. Last year Lowe completed the acquisition of the former Randall School site in Washington, D.C. for redevelopment as a 500,000-square-foot mixed-use cultural, commercial and residential project.
In addition to the National Science Foundation Headquarters, Lowe s signature projects in the area include The Hepburn ultra-luxury apartments developed adjacent to the famed Washington Hilton Hotel where the firm completed a $150 million restoration; the Fort Totten Square mixed-use project; redevelopment of 1400 Crystal Drive office building in Crystal City, Virginia; and CityVista, a transformative mixed-use development in the Mount Vernon Triangle area of Washington DC.

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BETHEL PARK, PA – Broadshore Capital Partners, in joint venture with an investment client, announced that it has bought the 338-unit, Liberty Pointe apartment community in Bethel Park, PA, a Pittsburgh suburb. This transaction is the latest made through a programmatic real estate investment joint venture focusing on equity and debt investments.
The venture, formed earlier this year, is targeting value-add opportunities in multifamily, such as Liberty Pointe, and other commercial properties. Over the next 30 months, the venture plans to make equity and debt investments ranging in size from $35 to $75 million, in approximately 8 to 12 properties. Broadshore is specifically targeting multifamily properties in markets and submarkets that the firm believes are well positioned for growth and that will benefit from improved management and capital investments.
Broadshore identified Liberty Pointe as possessing the attributes it seeks as it pursues acquisitions of well-located, multifamily properties in markets across the country that are well positioned for growth as the US economy recovers from the COVID recession, said Brad Howe, co-CEO, Broadshore, a national real estate investment and advisory company. Liberty Pointe is close to public transportation connecting to the area s major employment centers and surrounded by a diverse mix of quality retail and dining. The community is located in a desirable suburban market and has a proven track-record of strong performance with low vacancies and competitive market rents. The Pittsburgh MSA benefits from a number of world-class universities that are helping to transform the area from its historical reliance on manufacturing to a city known for innovation.
Broadshore has identified a program of unit upgrades that will further enhance the value of this asset, building on the recently completed renovations to the property s common areas.
Liberty Pointe offers 338 apartments, a mix of one- and two-bedroom floorplans in a variety of configurations, in six four-tale buildings spread across the perfectly landscaped 10.5-acre property. The spacious residences feature in-unit washer and dryer, a patio or balcony, large windows, and modernized kitchens and bathrooms. The community offers a host of sought-after amenities including a Cyber Café, club house, 24-hour fitness center and heated underground parking. Residents have abundant outdoor spaces including a grill and kitchen area with comfortable dining space, four seasons fire pit, swimming pool and pet park.
Located at 35 Highland Road in Bethel Park, Liberty Pointe offers a superior location in the Upper St. Clair submarket of Pittsburgh, approximately nine miles south of the central business district. Liberty Pointe is a brief walk to a light rail station, providing residents simple access to the area s employment centers. The community also benefits from an abundance of nearby shopping options including a Whole Foods anchored center, Trader Joe s and the South Hills Village shopping, dining and entertainment center.
Broadshore executives, Bryan Meyer and Alicia Fernandez, led the company s team on the transaction. The team applied its expertise in multifamily investments, built over more than 30 years of investing in markets across the United States, to identify, evaluate and secure this opportunity. The property was represented by Walker & Dunlop s Christopher Doerr and William C. Harvey, who are members of the institutional sales team in Bethesda, MD.

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NEWTOWN SQUARE, PA – GMH Capital Partners, L.P. and AGC Equity Partners announced the acquisition of The Dean, a 672-bed mixed-use student housing project in Champaign, Illinois, from Core Spaces . Construction of The Dean started in fall 2018 and was completed by the Seller in summer 2020.
The Dean is a 240,737-square-foot off-campus student housing community consisting of 17 tales, with ground floor retail anchored by Target and Jimmy John s. The property is situated at the intersection of South Sixth and East Green Streets in Campustown, adjacent to the University of Illinois – Urbana Champaign campus and within walking distance to the area s many bars and restaurants, as well as event venues such as State Farm Center and Memorial Stadium.
The Dean fits seamlessly into GMH and AGC s portfolio of student housing properties and grows our existing presence in Campustown, said Gary M. Holloway Jr., President of GMH Capital Partners. The Dean provides students who are ready to transition into apartment living with the perfect home away from home complete with modern amenities and convenient access to campus and retail. As the property s new owner and manager, we look forward to getting to know our residents and providing them with an exceptional living experience despite these unique times we re all experiencing.
The Dean provides best-in-class student living, featuring spacious units that average 683 square feet and contain private bathrooms, stainless steel appliances, and modern finishes throughout. The Asset provides a market leading amenity package including multiple study lounges, fully-equipped fitness center, rooftop sundeck, pool, hot tub, and an outdoor lounge with a grilling area and built-in seating for entertaining.
GMH and AGC also own four additional properties located in Campustown including 908 S. First St., 501 S. Sixth St., 307 E. Daniel St., and 1008 S. Fourth St, which comprise 398 beds in total (collectively known as The Academy Campustown.

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