.Greenwich, CT and Wellington, FL – April 28, 2011 – Starwood Capital Group Global, a leading private investment firm, Bainbridge Companies, LLC, a fully integrated family of real estate companies, announced today that a joint venture between affiliates of both companies and a major institutional investor have acquired seven apartment communities in the Washington, D.C. metropolitan area.
Terms of the transaction were not disclosed. The acquisition includes a total of 1,626 apartment units in Virginia and Maryland, including:
- Amberton Apartments (190 units) in Manassas, VA
- The Reserve at Regency Park Apartments (252 units) in Centreville, VA
- Westfield Village Apartments (228 units) in Centreville, VA
- Saddle Ridge Apartments (216 units) in Ashburn, VA
- The Reserve at Towne Center Apartments (290 units) in Potomac Falls, VA
- Woodside Apartments (252 units) in Lorton, VA
- Clary’s Crossing Apartments (198 apartments) in Columbia, MD
The units involved in the acquisition, which closed on April 26th, average approximately 950 square feet each.
The properties were completed in between 1987 and 2002. The joint venture has secured seven-year financing for the properties from Freddie Mac at 4.87 percent. The joint venture will begin shortly on an extensive remodeling and upgrade program at the communities, which involves updating amenities, interiors, exteriors, landscaping and signs.
Total capitalization including the remodeling and upgrades will be approximately $300 million. Bainbridge Management will manage the properties.
“This investment presents the opportunity to capitalize on submarkets with favorable growth and household incomes and with very limited new supply,” said Adam Shah, Vice President at Starwood Capital Group. “Additionally, this portfolio will benefit from a capital investment program to reposition the assets and bring rents in-line with similar properties.”
Chris Graham, Managing Director at Starwood Capital Group, added: “We are very excited about this new venture and the opportunity to capitalize on the current and projected strength of the DC Metro apartment market.”
Richard Schechter, (top right photo) CEO of Bainbridge added: "We are extremely excited about the opportunity to acquire and enhance the value of this excellent portfolio of properties in perhaps one of the most vibrant markets in the country. We are also looking forward to partnering with Starwood Capital, one of the most knowledgeable and capable institutional investors in real estate today."
Media Contacts:
For Starwood Capital Group: Tom Johnson, Abernathy MacGregor Group
212-371-5999
For Bainbridge Companies:: Terri Thornton, Thornton Communications
(404) 932-4347, Terri@TerriThornton.com
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