Ideal Realty Group - Recent News - October 2009

Mount Vernon
184-Units
Alexandria, VA
Unpriced
UNDER CONTRACT

South View Townhomes
South View Townhomes
96 Townhomes
Hagerstown, MD
UNDER CONTRACT

Brookemeade
120-Units
Hagerstown, MD
Offering Price: Unpriced

South View Townhomes
Yale Village
210-units
Rockville, MD
Sold Price: $49,500,000

Brooklawn
86-Units + 68 Developable
Frederick, MD
Offering Price: $9,000,000
Land Price: $1,000,000

The Reserve at Stonegate
220 Class "A" Garden Style Apartments
Windsor Mill, MD
Offering Price: $27,500,000

The Hanover
320 Apartments
Greenbelt, MD
CLOSED - SEPT 2010

The Dumont
559-units
Washington, DC
CLOSED - APR 2010

Crystal Park
314-units
Frederick, MD
CLOSED - NOV 2009

Beacon Place
240-units
Gaithersburg, MD
CLOSED - OCT 2009

Chesapeake
184-units
Dumfries, VA
CLOSED - OCT 2009

ADDITIONAL OPPORTUNITIES
We are currently involved with a number of Exclusive Listings which are not available through our website. Please contact Allen Manesh at 301-299-4000 to discuss. Email Allen

RECENT NEWS
October 2009 - The Chesapeake	Back to Recent News Page	Print Version
Read Related GlobeSt.com Article
Ideal Realty Group announces the sale of The Chesapeake, a 184-unit garden-style rental community in Dumfries, Virginia for $15,588,000 ($84,717 per unit). Built in 1976, The Chesapeake is a 3-story garden-style community with an average unit size of 847 square feet. The Property is scheduled to undergo an extensive renovation program and will receive tax credits through the Low Income Housing Tax Credit Program (LIHTC) offered by the Virginia Housing Development Authority (VHDA). The entire acquisition and development cost will be approximately $27,000,000 once completed. The Property was financed through bonds issued by VHDA. The developer, considered a very strong sponsor, was able to secure not only LIHTC credits but additional funding through VHDA’s REACH (Resources Enabling Affordable Community Housing in Virginia) and federally-funded TCAP (Tax Credit Assistance Program). The Seller is an entity controlled by the locally-based investor A. L. Walters.

The Purchaser is the Ellicott City-based Orchard Development. This is the second LIHTC sale that this company has purchased through Ideal Realty Group. Led by Earl Armiger, Orchard Development is a very experienced developer in the tax credit redevelopment arena in the Mid-Atlantic region. Allen Manesh, President of Ideal Realty Group was the team leader for this transaction. This is the second LIHTC property that Ideal Realty Group has successfully brokered in Virginia in 2009. The first transaction was a 128-unit townhouse-style property located in Alexandria, Virginia. We are proud to be able to find strong sponsors that are able to close transactions in this challenging affordable debt and equity market.