Monthly Archives April 2019

Hilldrup acquires Suddath Relocation Systems

Hilldrup, a family-owned moving and storage company headquartered in Stafford County, has acquired Suddath Relocation Systems’ offices in Dulles and Forestville, Md.

As part of the sale, Hilldrup will acquire Suddath’s domestic household goods, commercial moving and storage operations, as well as its real estate in Forestville. Both relocation companies are top agents of UniGroup, the leading corporate mover in the nation.

“This acquisition brings Hilldrup unmatched service offerings and capabilities in the greater Washington, D.C., Maryland, and Virginia market, which is one of the most dynamic in the country,” said Charles W. McDaniel, Hilldrup’s President and CEO, in a news release.

Suddath will retain its logistics and international household goods business based in the Dulles facility...

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Donaldson Group and Angelo, Gordon Acquire 599-Unit Property

Forestville, Md.—The Donaldson Group and its equity partner, Angelo, Gordon & Company, have acquired Regency Point, a 599-unit community in Forestville, Md., for $20 million. The partnership will invest an additional $16 million to renovate the property, which is located on 24.6 acres just inside the Washington Beltway.

The partnership acquired a defaulted $32 million senior loan on the property from Wells Fargo and foreclosed on the owner, MPI Cambridge, which had been in bankruptcy since mid-2009. The two firms agreed to sell the property in an August 2010 foreclosure auction, but the sale did not end up closing. The partnership has recently finalized its acquisition of the property.

“We view Regency Point as an excellent opportunity to acquire a well-located apartment community in a str...

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What’s Turner Impact Doing in Maryland?

Robert Turner, Turner Impact Capital

Turner Impact Capital has acquired the Regency Pointe apartments, a 599-unit community in Forestville, Md., from a joint venture between Angelo, Gordon & Co. and The Donaldson Group L.L.C. for $56 million.

Transwestern’s Mid-Atlantic Multifamily Group brokered the sale on behalf of the seller.

“This property right outside Washington, D.C., in Prince George’s County, Maryland, meets all of our investment criteria,” Robert Turner, Turner Impact Capital’s CEO, told Commercial Property Executive. “I summarize those criteria as ‘the four D’s.’ First is density—having 350,000 or more residents in a 3-5 mile radius around the property. Second is diversity, with a resident population that is 50 percent or more ethnically diverse...

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Behringer Harvard Buys 200-Unit Community near Boston

West Village

Mansfield, Mass.—Behringer Harvard has acquired West Village, a 200-unit luxury apartment community in Mansfield, Mass. The Boston suburb is located within commuting distance to both Boston and Providence, R.I. The site is close to employment centers and commuter rail service, with the Mansfield Center Station of Massachusetts Bay Transportation Authority three miles from West Village.

“We are pleased to acquire West Village, one of the most desirable apartment communities in suburban Boston,” says Mark Alfieri, chief operating officer at Behringer Harvard Multifamily REIT I Inc. “This community offers residents luxurious amenities in a beautiful setting with convenient access to nearby employment centers.”

West Village was completed in 2008 and consists of seven three-story, ...

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Without varsity baseball team, Riverdale Baptist rebuilding program that finished No. 1 last year

In mid-February, Riverdale Baptist (Upper Marlboro, Md.) baseball head coach Aaron Graves sent an email to USA TODAY High School Sports.

“I am the new head baseball coach and I am rebuilding the entire program.”

Rebuilding the program? How can that be? Last season, Riverdale Baptist was the best baseball team in the country.

The Crusaders went 31-1 and finished as the No. 1 team in the Super 25. They recorded a 97-5 record over a three-season stretch. The team was set to return players including Jordan Peyton (8-0, 1.49 ERA), Trendon Craig (.352 batting average) and Noah Marshall (6-0, 1.27 ERA).

But now they don’t have a varsity team.

Last year’s head coach, Ryan Terrill, accepted an assistant coaching job at the University of Maryland – Baltimore County...

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Community Development, Peak Capital Acquire Suburban DC Affordable Apartments

Forestville, Md.—The Community Development Trust (CDT) and Peak Capital Partners have acquired Parkland Village Apartments in Forestville, Md., a suburb of Washington, D.C. The property consists of 159 units of affordable housing.

The price wasn’t disclosed, but the new owners plan to invest $3.2 million for immediate repairs and capital reserves to maintain the property as affordable housing for the long-term. All 159 of the units of Parkland Village

Apartments will be reserved for families with household income at or below 60 percent of the area median income.

The property consists of 12 two- and three-story buildings with a mix of one- and two-bedroom garden-type apartments...

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