WASHINGTON–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24HF&src=ctag” target=”_blank”gt;$HFlt;/agt; lt;a href=”https://twitter.com/hashtag/CRE?src=hash” target=”_blank”gt;#CRElt;/agt;–Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale of
Hanover Shady Grove, a 366-unit, transit-oriented, mid-rise apartment
community in Rockville, Maryland.
HFF marketed the property exclusively on behalf of the seller, Hanover
Company and Berkshire Residential Investments, and procured the buyer,
Equity Residential.
Hanover Shady Grove is located at 9305 Corporate Boulevard within the
I-270 Bio Corridor, one of the country’s most prominent hubs for medical
research, testing and development. Adjacent to Interstate 270 and within
a mile of Interstate 370/Maryland Route 200, the community provides
connectivity to downtown Rockville, Bethesda and Washington, D.C. to the
south and Gaithersburg and Germantown to the north. Additionally,
Hanover Shady Grove offers access to the Washington, D.C. Metro’s Red
Line via the nearby Shady Grove Metro Station to the east and to
commuter rail service via the nearby MARC Brunswick Line to the
southeast.
Completed in 2016, the five-story property consists of a mix of studio
through three-bedroom units averaging 970 square feet. Units feature
gourmet kitchens equipped with stainless steel appliances, granite
countertops and stone backsplashes as well as wood flooring, spa-like
baths, high ceilings and in-unit washers and dryers. Community amenities
include a resort-style pool, outdoor dining/grilling areas, 24-hour
Technogym fitness club, private media room, executive conference and
dining room, catering kitchen, on-property Civic Green Park, designated
walking paths and a controlled-access parking garage. The property was
95 percent occupied at closing.
The HFF investment advisory team was led by Walter Coker and Brian
Crivella along with Stephen Conley, a licensed Maryland real estate
broker.
About Hanover Company
Hanover Company, located in Houston, Texas, stands among the most active
private real estate companies in the United States, specializing in the
acquisition, development and management of high-quality multifamily
residential properties nationwide. With over three decades of
experience, Hanover is a vertically integrated company with
acquisitions, development, construction, property management and asset
management departments strategically focused on garden-style, mixed-use,
high-density wood frame and high-rise projects. To date, Hanover’s
award-winning project mix totals nearly 54,000 units across the country
and more than $11.18 billion in project costs. U.S. markets include
Atlanta, Austin, Baltimore, Boston, Charlotte, Dallas, Denver, Houston,
Los Angeles, Philadelphia, Phoenix, San Diego, San Francisco and
Washington, D.C.
About Berkshire Residential Investments
Berkshire Residential Investments is a vertically integrated residential
real estate investment and property management company with over 50
years of experience. Berkshire’s team of industry leaders has gained a
reputation for being able to identify opportunities and effectively
manage through various economic environments, establishing a long-term
track record based on thoughtful, leading edge investment strategies,
and hands-on development and operational experience. Berkshire, a
registered investment advisor, is headquartered in Boston and has
offices in Atlanta, New York, Baltimore, Dallas and San Francisco. As of
September 30, 2018, Berkshire Group had approximately $7.5 billion in
real estate assets under management. For more information on Berkshire,
please visit www.berkshireresi.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading
provider of commercial real estate and capital markets services to the
global commercial real estate industry. HFF, together with its
affiliates, offers clients a fully integrated capital markets platform,
including debt placement, investment advisory, equity placement, funds
marketing, M&A and corporate advisory, loan sales and loan servicing.
HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities
Limited are owned by HFF, Inc. (NYSE: HF). For more information, please
visit hfflp.com or follow HFF on Twitter @HFF.
Contacts
WALTER COKER
MD Lic. #524884
HFF Managing Director
(202)
533-2500
[email protected]
BRIAN CRIVELLA
MD Lic. #634831
HFF Senior Director
(202)
533-2500
[email protected]
STEPHEN CONLEY
MD Lic. #47647
HFF Executive Managing
Director
(202) 533-2500
[email protected]
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713)
852-3403
[email protected]
