Snell Properties Nabs Annapolis Rental Property for About $76M
The James is a newly developed 236-unit apartment building located at 251 Admiral Cochrane Drive. The property was developed and constructed by JLB Partners in 2017.
ANNAPOLIS, MD—Snell Properties of Arlington, VA has added the James multifamily development here in a deal valued at $75.6 million or approximately $320,000 per unit.
The James is a newly developed 236-unit apartment building located at 251 Admiral Cochrane Drive. The property was developed and constructed by JLB Partners in 2017.
The purchase follows up Snell Properties’ $43-million purchase in October of Elysium Fourteen located at 1925 14th St NW in Downtown Washington, DC in a deal that calculated out to approximately $500,000 per unit. Elysium Fourteen is another relatively new development having first opened in November 2016.
The purchase of The James is part of a 1031 tax deferred exchange. Bell Partners will manage the property on behalf of Snell. Ryan Ogden, senior managing director at Newmark Knight Frank, brokered the transaction.
“One of our corporate goals is to diversify into new core assets outside of Northern Virginia”, says Chris Hanessian, president, Snell Properties. “Both of these assets are excellent complements to our existing portfolio and will help us realize our goals for long-term diversification.”
The James building is wood-framed construction with high-end finishes and concrete cast in place parking. The property is located five minutes from Annapolis Town Centre (a Whole Foods-anchored mixed-use center) and 10 minutes from Downtown Annapolis.
Snell Properties touts the property’s mix of amenities that include a resort style pool, an oversized courtyard with grills, an outdoor lounge with a fireplace and television, a state-of-the-art fitness center and a rooftop deck.
Peter Colarulli, VP of development for Snell, says, “Snell Properties is excited to be acquiring another best-in-class asset in a strong location. The James is extremely well designed and among the best rental product in the Annapolis market.”
The Snell Properties’ portfolio includes approximately 2,600 multi-family apartment units and more than 440,000 square feet of commercial office, retail and hotel space.
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