BOSTON, MA – DSF Group announced the acquisition of Jefferson Hills Apartments located in the thriving Metro West region of Greater Boston.

The property is situated on 27 acres and consists of four six-tale apartment buildings and a clubhouse.  The unit mix comprises 180 studios, 551 one-bedrooms and 289 two-bedrooms. 

Jefferson Hills is located on Route 9, a major east-west thoroughfare that runs from downtown Boston to the western border of New York State. Additionally, the Massachusetts Turnpike (Interstate 90) is accessible in under one minute from the property.  The superior location offers immediate access to 58 million square feet of office space and 10 million square feet of retail within five miles of the property.

“This acquisition aligns perfectly with our strategy of purchasing well located work force housing to which we can add value,” stated Josh Solomon, DSF Group President. In the last year DSF has bought $525.5M in multifamily properties throughout New England.  “We look forward to adding Jefferson Hills to our Greater Boston portfolio,” stated Solomon.

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BETHESDA, MD – Grand Park Development obtained preliminary approval today on its proposal to bring 1,000 multi-family, high-rise units and 110,000 square feet of new shops and restaurants to a property just south of the successful Pike & Rose retail and residential community. Site plot review is the next step, following the approval yesterday of sketch and preliminary plans. 

“We are so excited to be that much closer to putting a shovel in the ground,” said Bradley Deckelbaum, development director for Grand Park Development. “Grand Park will contribute to the urban vision of the Pike District and the much-needed connectivity and infrastructure improvements.” 

Deckelbaum said the new, $400 million development will add momentum and energy to the Pike District, the thriving commercial corridor between the Grosvenor and Twinbrook Metro stations that launched with Pike & Rose, which is home to a slew of restaurants and such retail as L.L. Bean, REI and Sephora along with office space, condos, apartments, and a Canopy by Hilton. 

Grand Park, which Deckelbaum anticipates will be built in three phases with a late 2020 start, is located on 5.9 acres along Ancient Georgetown Road at Executive Boulevard on the former site of the VOB automobile dealership. 

Plans call for three separate buildings with heights ranging between 100 and 262 feet and the extension of Grand Park Avenue, the main thoroughfare in Pike & Rose. A network of sidewalks and bike paths will provide simple access and walkability in the Pike District and to the White Flint metro station. 

Grand Park Development is also offering to dedicate a half-acre parcel on the east side of the development to Montgomery County Parks. This civic green will include passive and active green space and possibly a retail kiosk. 

The new development paves the way for the “western workaround,” a new street grid and realignment that was programmed as part of the White Flint Master Plot. The road realignment is made possible through a land swap between the property owners and Montgomery County to allow for the road rerouting of Ancient Georgetown Road and Executive Boulevard. 

The Grand Park development fits squarely within the county’s vision for the White Flint Master Plot, which calls for an urban, walkable core around the Metro station.

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KANSAS CITY, MO -Prosperity CRE, a national commercial real estate firm headquartered in Los Angeles, California, announced it has bought Colony Court Apartments in Kansas City, MO. 

Colony Court is an 80-unit garden-style complex, consisting of 80 two-bedroom apartments. Built in 1984, the complex has 77,400 square feet of rentable space.

“Kansas City is a strong multifamily market. Its employment is growing quicker than the national average and nine Fortune 1000 Companies are headquartered there,” Zach Winner, Founding Partner of Prosperity CRE commented, “The job market is very diverse and is one of the top cities in the country for science and technology related jobs.”

Property amenities include carports, an attractive pool and complimentary Google Fiber high speed internet access. 

Brett Meinzer, director and Dominic Martinez, associate director at Berkadia brokered the buy and sale of Colony Court Apartments. Block Multifamily Group has been engaged as professional property management.

Matthew Hodson, managing director at M&T Realty Capital, provided a Fannie Mae Green loan which provides a lower interest rate on the loan as well as incentives to reduce water and energy consumption at the property.

“Because of Prosperity CRE’s strong operational track record, we were able to secure a non-recourse loan with several years of interest only payments.”

Prosperity CRE plans on implementing several capital improvement programs and rebranding Colony Court. Plotted improvements include new dog park, new barbeque and picnic area, upgraded pool area, and a new community center and leasing office. Landscaping will also be upgraded, and a unit improvement program will be implemented that will feature updated kitchens, bathrooms and flooring.

Mark Rios, Founding Partner of Prosperity CRE commented, “As we reposition the apartment complex to provide greater features and amenities, and upgraded units, we’ll also be rebranding it to Hidden Hills Apartments.”

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