(To read more on the multifamily market, click here.)
ALEXANDRIA, VA-The Mark Winkler Co. residential portfolio has just been sold off in three separate transactions valued at an aggregate $900 million. Consisting of 12 nearly fully leased apartment properties, the portfolio features more than 5,000 units located in various areas of Northern Virginia.
The JBG Cos. walks away with the bulk of the portfolio, taking 10 of the properties. With the disposition of its multifamily assets, Winkler bows out of the real estate market; the company already sold off its office and retail holdings. The multifaceted disposition was orchestrated on behalf of Winkler by Bill Roohan, Andy Boyer, Mike Muldowney, John Sheridan, and Jonathan Greenberg of real estate services firm CB Richard Ellis.
JBG spent $780 million for 10 of the apartment communities. The company has closed on the purchase of nine of the properties, which account for a total of 3,726 units, and expects to close on the final transaction in May. JBG's new purchases include Alexandria's Alexandria-Millbrook at Mark Center, Lynnbrook at Mark Center, MeadowCreek at Mark Center, Willow Run and Brookdale at Mark Center. Also included are Stoneridge at Mark Center, Hillwood at Mark Center, Annandale's Fairmont Gardens, Reston's Fairway Apartments and Arlington's Dominion Towers.
"The sale of these residential properties was extremely complicated not only because of its tremendous size but because we had to market the properties individually and as a complete portfolio," Roohan says. "Sixty investment groups from large institutional investors to Wall Street firms to local investors made offers resulting in the portfolio sale to JBG." Existing Winkler Partners acquired an apartment complex in Shirlington for $70 million and the 12th property, a Fairfax apartment community, was acquired by Fairfax County's Housing and Community Development for $49.5 million. A team of 24 attorneys in the Washington, DC office of Pillsbury Winthrop Shaw Pittman LLP, represented Winkler in both transactions.
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