WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announces the $83 million sale of Alexan Concorde, a 310-unit, Class A luxury apartment community in Linthicum Heights, Maryland.
The HFF team marketed the property exclusively on behalf of the seller, a joint venture between Trammell Crow Residential and an affiliate of Western & Southern Financial Group, represented by its subsidiary Eagle Realty Group. The buyer, procured by the HFF team, was AvalonBay Communities, Inc.
Alexan Concorde is located at 811 Concorde Circle less than a mile from the Baltimore-Washington Parkway (Highway 295) and adjacent to Baltimore-Washington International (BWI) Airport. Though the property is situated on 11.4 acres in a quiet wooded neighborhood setting, the property is still highly accessible to more than 36.5 million square feet of office space within 10 minutes and a short commute from other major employment drivers in Baltimore, Fort Meade and Washington, D.C. Completed in 2016, the Alexan Concorde’s five elevator-serviced buildings house a mix of studio, one-, two- and three-bedroom units averaging 973 square feet with features, including stainless steel appliances, granite countertops, chef islands, hardwood-style flooring, designer lighting packages, keyless entry and walk-in closets. Community amenities include a resort-style pool with fire pit and grilling stations; clubhouse with shuffleboard, billiards, outdoor ping pong and multiple high definition TVs; community kitchen and workspace; oversized fitness area with cross fit gym and adjoining children’s mini-club; and dog run.
The HFF investment advisory team representing the seller included Walter Coker and Brian Crivella.
“The sale of Alexan Concorde represents a prime example of the renewed interest by institutional REITs in high-quality suburban assets,” Crivella commented.
About Trammell Crow Residential: Trammell Crow Residential (TCR) is a national multi-family real estate developer with over 40 years’ experience and a local presence in 12 key U.S. markets. Since 2012, TCR has developed, financed and asset managed more than $5 billion of multi-family communities totaling over 20,000 units, delivering amenity-rich communities in economically thriving locations nationwide. TCR and Crow Holdings Industrial (CHI) are the development divisions of Crow Holdings, a real estate investor, developer and owner with a global multi-asset investment platform and longstanding industry relationships built on trust, integrity and partnership.
About Western & Southern Financial Group: Founded in Cincinnati in 1888 as The Western and Southern Life Insurance Company, and celebrating 130 years this year, Western & Southern Financial Group, Inc. (Western & Southern), a Fortune 500 company, is now the parent company of a group of diversified financial services businesses. Its assets owned ($48.3 billion) and managed ($26.2 billion) total $74.5 billion as of June 30, 2018. Western & Southern is one of the strongest life insurance groups in the world. Its six life insurance subsidiaries (The Western and Southern Life Insurance Company, Western-Southern Life Assurance Company, Columbus Life Insurance Company, Integrity Life Insurance Company, The Lafayette Life Insurance Company and National Integrity Life Insurance Company) maintain very strong financial ratings. Other member companies include Eagle Realty Group, LLC; Fort Washington Investment Advisors, Inc.; (1) IFS Financial Services, Inc.; Peppertree Partners LLC; (1) Touchstone Advisors, Inc.; (1) Touchstone Securities, Inc.; (2) W&S Brokerage Services, Inc.; (2) and W&S Financial Group Distributors, Inc.
About Eagle Realty Group: Eagle Realty Group, a member of the Western & Southern Financial Group, is a real estate capital provider and asset management company based in Cincinnati, Ohio. Eagle oversees a diverse real estate debt and equity portfolio on behalf of the member companies of the Western & Southern Financial Group. The company’s financial products include equity joint ventures and mortgage loans for institutional-quality assets ranging from $5 million to $75 million. Property types vary by portfolio and include office, medical office, multifamily, senior housing, retail, warehouse, industrial and hospitality. As of December 31, 2017, Eagle Realty Group oversees portfolios consisting of more than 106 equity investments, 241 mortgage loans, 12.2 million square feet of various types of real estate investments throughout the United States and total assets under management valued in excess of $5.3 billion. As of Dec. 31 2017, includes regulatory assets managed by Eagle Realty Capital Partners, LLC of $50.5 million.
About AvalonBay Communities, Inc. AvalonBay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in the high barrier-to-entry markets of the United States. These markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country.
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.