ADELPHI, MD – Building on an already strong portfolio in the metro DC/Maryland market, Drucker + Falk assumed management of 675 well-located apartments in Adelphi, Maryland along a historic avenue to Washington, D.C. and just minutes from the inner loop of the Capital Beltway. The Gallery on New Hampshire, under new ownership by an established New York based equity firm, will undergo significant capital investment to interior and exterior apartments and upgraded amenities.
Andrew Chisholm, Multifamily Director at Drucker + Falk said, We are excited to expand our Maryland portfolio where plotted renovations to this value add community are not only a excellent business choice by owners, but one that will benefit the many current and future residents who choose to call The Gallery on New Hampshire home.
Owners chose Drucker + Falk as their management partner due to a decades long history of professional management, local market and value add renovation experience, and a firm who shares a passion for making the ultimate living experience for residents.
Sabrina Gendreau, Drucker + Falk Regional Property Manager who will oversee the asset said, From the minute we stepped foot on this well-located, under-valued property, it s been a labor of like to work with owners in carrying out their vision of increasing market potential through substantial community upgrades. We know resident satisfaction and bottom line NOI are inextricably linked, and we re excited for our residents and what is to come.
The Washington, D.C./Maryland metro market is of strategic importance to Drucker + Falk, whose predominant footprint encompasses the mid-Atlantic and Southeast United States. Portfolio growth in this market comes on the heels of one of the strongest multifamily management growth periods in the firm s history. The addition of The Gallery on New Hampshire brings Drucker + Falk s multifamily management portfolio to more than 38,000 apartment homes across 13 mid-Atlantic and Southeast states.
A full-service real estate services and investment firm, Drucker + Falk was founded in 1938, currently employs more than 1,000 team members, and has regional offices in Newport News, Virginia, Richmond, Virginia, Alexandria, Virginia, Raleigh, North Carolina, Charlotte, North Carolina, Atlanta, Georgia, and Columbus, Ohio.
We ve been operating in the D.C./Maryland metro market for over 40 years and like nothing more than to work with owners committed to investing in sorely needed, quality housing options for an ever-growing, dynamic workforce. We re thrilled to work with our client in bringing their vision for The Gallery on New Hampshire to fruition and to applying the same focus on People, Process, and Performance that has led us to experience one of the largest growth periods in Drucker + Falk s history,” said Wendy Drucker, Managing Director at Drucker + Falk.

Powered by WPeMatico

NEW YORK, NY – Hunt Real Estate Capital announced that it has provided a $24.5 million Freddie Mac conventional multifamily loan to finance the acquisition of a multifamily property in Lexington, South Carolina.
Lullwater at Saluda Pointe is a 280-unit, garden-style apartment community situated on 23.3 acres. The 2007-built property is comprised of 11 three-tale residential buildings and a one-tale leasing office/clubhouse.
The borrower, Lullwater DE Holdings, LLC, bought the property from Fickling & Company through a 1031 exchange.
“This is the type of transaction every sponsor strives to achieve,” said John Sloot, Vice President at Hunt Real Estate Capital. “The borrower bought an older asset in this market several years ago, improved its operations, and then sold it in order to buy a superior repositioning opportunity in a stronger submarket.”
The borrower will invest approximately $1.56 million in capital improvements on site. Plotted interior improvements include new kitchen counters and backsplashes, stainless steel appliances, light fixtures, faux wood floors, and screened porches. The borrower is also plotting to install washer and dryers in 60% of units, replace exterior windows, renovate the clubhouse, add a dog park, paint, and improve landscaping.
“We were very pleased to provide the Freddie Mac financing for this premier ownership group,” added Colin Cross, Director at Hunt Real Estate Capital. “While it was a very volatile time in the debt markets, working with a professional and experienced Sponsor and fantastic partners like John Brickson of Ancient Capital in Dallas, who arranged the acquisition financing on behalf of the Sponsor, was instrumental to getting the deal across the end line.”
Lexington, South Carolina, is located 10 miles from downtown Columbia, within the second-largest MSA in the state of South Carolina.

Powered by WPeMatico

DURHAM, NC – Magma Equities has bought Independence Park Apartments, a 312-unit garden-style community in Durham, NC for $50 million. Independence Park is Magma s fifth apartment investment in the Tar Heel State in the past 14 months.
Magma tied up the asset and was able to complete its due diligence and secure attractive agency financing prior to the onset of the Covid-19 pandemic. Even as the economic climate shifted dramatically, Magma maintained the agreed-upon buy price with the seller, according to Magma CFO Michael Wagar.
As active buyers in the region, we were able to source the opportunity off-market and avoid the competitive bidding process. As a result, we were very comfortable with the price as negotiated, said Wagar. This was a very excellent deal for us in January and a very excellent deal for us now. Despite the current challenges, we expect it to perform well over the long-term.
Built in 2009, Independence Park features a mix of one-, two- and three-bedroom units housed in 13, three-tale residential buildings on a 23-acre site at 215 William Penn Plaza. Community amenities include swimming pool, fitness center, business center, clubhouse, 24-seat multimedia theater, tennis court, sand volleyball court, basketball court, playground and dog park.
Independence Park benefits from numerous demand drivers including its proximity to Downtown Durham and the Research Triangle Park, two of the largest employment centers in the region. It is also located two blocks from Duke Regional Hospital and directly adjacent to Voyager Academy, a K-12 charter school that ranks among the top schools in the region.
The Research Triangle is highly desirable employment center that attracts recent graduates from highly regarded surrounding universities to its top employers, added Magma Principal Robert Murray. In the midst of COVID-19, we stress tested the Independence acquisition differently than when we first approached it and were able to work with all parties involved to get the transaction done.
Magma will suspend renovation plans and immediately start outreach to offer any help it can to keep tenants housed and heads on beds, according to Wagar. Independence Park was 96 percent occupied at closing.
Dennis Harris at The Kirkland Company in the firm s North Carolina office represented the seller. Jesse Nichols, Princial in the Los Angeles office of Polsinelli was Magma s legal representative.
Abe Spira and Justin Hechler at Greystone secured the debt with Freddie Mac through its floating rate loan program.

Powered by WPeMatico