FirstMarketProperties

The assets are well occupied C class apartments located in Miramar, Pompano Beach and North Miami and combined make up 141 units.

“Due to our market familiarity, track record and ability to close quickly, the lenders approached us looking to move these loans off their books quickly. We did our analysis and due diligence and closed these transactions in under 14 days from contract signing” says FMP’s Principal Aaron Kurlansky.

FMP has closed well over 100 transaction in Florida since 2009.

All six communities are located in Prince George’s County, Maryland in the Washington DC metro, home to 5.6 million residents. The acquired properties include:
+ Bedford Station, 486 units – Bedford Station is located on the north side of University Boulevard between 14th and 15th avenues in Hyattsville, Maryland. Constructed in 1950, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Bedford Station is currently at 92.6% occupancy.

+ Eaton Square, 48 units – Eaton Square is located on the north side of Sheriff Road between Harvey Drive and Dutch Village Drive in Landover, Maryland. Constructed in 1960, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled mansard roofs. Eaton Square is currently at 87.5% occupancy.

+ Edmonton Station, 119 units – Edmonton Station is located on the north side of Quincy Street, just off of Annapolis Road, in Landover, Maryland. Constructed in 1948, the Property features two and three-story garden style apartment buildings with brick veneer and built-up roofs. Edmonton Station is currently at 95.8% occupancy.

+ Finchley Square, 115 units – Finchley Square is located on both the east and west sides of 38th Street in Brentwood, Maryland. Constructed in 1943, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Finchley Square is currently at 92.2% occupancy.

+ Newbury Square, 213 units – Newbury Square is located on the east side of Riggs Road between Amherst Road and Van Buren Street in Hyattsville, Maryland. Constructed in 1947, the property features three and four-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Newbury Square is currently at 97.2% occupancy.

+ Victoria Station, 101 units – Victoria Station is located on the southeast corner of 14th Avenue and Merrimac Drive in Hyattsville, Maryland. Constructed in 1950, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Victoria Station is currently at 88.1% occupancy.

This transaction was closed all cash within 10 days. The assets are all well located and built between 2002 to 2005. All assets where above 80% occupied at the time of purchase.

This transaction was closed all cash and in less than eight days. The property is located immediately off Highway 10 on The west side of North Davis Highway. The neighborhood consists of a well-developed mix of residential and commercial properties. The subject is bordered to the west by older single family homes. There are a significant number of single family homes located throughout the neighborhood off the primary thoroughfares.

The subject is bordered to the west by older single family homes. There are a significant number of single family homes located throughout the neighborhood off the primary thoroughfares. The Trans-mountain Campus of the El Paso Community College is located at the northeast corner of Patriot Freeway and Diana Drive, and is a five minute walk from the subject. At the time of purchase the property was about 90% occupied.

At the time of purchase the property was about 91% occupied.

“This acquisition is a great addition to our growing Southeastern portfolio. Birmingham has a limited apartment supply and has seen both employment and rental growth in the last few years. We plan to be in this market long term and have a few other acquisitions under way.” says FMP’s Principal, Aaron Kurlansky.

“This acquisition is a great additional to our growing Southeastern concentration. Charlotte continues to outperform many markets and show signs of rent and occupancy growth. We plan to stabilize and hold this asset long term” says FMP’s Principal, Aaron Kurlansky.

This transaction was completed all cash and within two weeks from contract signing. This is FMP’s first acquisition in Delaware.

This is FMP’s third acquisition this year in North Carolina, previously FMP purchased a 252 unit complex known as Woodland Hollow in Charlotte and a 256 unit complex known as Carver Pond in Durham, NC.

This is FMP’s first acquisition in Alabama, but FMP has immediate plans to acquire more in this market.

FMP plans to do a full scale rehab on the property and stabilize the asset. This is FMP’s second purchase in North Carolina, in April FMP acquired title to Carver Pond Apartments in Durham, NC. “Over the last 12 months we have been aggressively working to acquire assets in North Carolina due to its market demographics and strong velocity.” says Aaron Kurlansky, FMP’s Managing Director.

The transaction was completed all cash. This is FMP’s third note purchase in Texas in the last 12 months.

This is FMP’s second note purchase in Jacksonville, in 2011 FMP purchased the Preserve at St Nicholas. “This submarket was hit hard in the downturn but over the last year this area has began to stabilize and we feel that there is tremendous upside both in occupancy and rent increases.” says Aaron Kurlansky, FMP’s Managing Director.

This note purchase marks FMP’s first acquisition in Georgia, “this apartment market is starting to show signs of recovery. We believe that the price of entry is very low compared with the potential upside and market velocity” said Aaron Kurlansky, Managing Director at First Market Properties.