Real Estate Acquisitions in Virginia

Oakline Properties, a portfolio company of Alpine Investors, has acquired Drucker + Falk, a Top-50 NMHC multifamily and commercial property management firm. The transaction brings D+F into Oakline's platform (increasing the platform to 65,000+ units managed) while the Drucker and Falk families will remain actively involved in the business.

Hunt Military Communities (HMC) has acquired full ownership of Homeport Hampton Roads, a $336 million privatized housing development comprising 1,846 units and 3,682 beds supporting unaccompanied Navy personnel in Norfolk and Newport News, Virginia. The acquisition expands HMC's military housing portfolio and integrates the high-performing property into its nationwide operations while continuing the partnership with the U.S. Navy.

FCA Management has rebranded as Vest Residential following a merger with Bonaventure’s property management division. The combined platform expands Vest’s footprint to more than 20,000 Class A and B multifamily units across eight states while incorporating Bonaventure’s ~8,000-unit portfolio and property management team.

Kensington Vanguard National Land Services has completed the integration of BridgeTrust Title Group, consolidating BridgeTrust's offices and employees under the KV brand and its KVConnect technology platform. BridgeTrust operated for more than 20 years with 18 offices in eight states and over 130 employees; all employees and offices are now fully integrated into KV's operations.

TPG Real Estate (through TPG Real Estate Partners) has acquired a majority stake in a portfolio of three stabilized hyperscale data centers in Ashburn, Northern Virginia, in a joint venture with Digital Realty, which retains a minority interest and will continue to manage the assets. The three facilities were contributed at an aggregate value of $1.5 billion (approx. 104 MW IT capacity), with the transaction valuing the portfolio at roughly a 6.0% cap rate and Digital Realty receiving about $1.3 billion of gross proceeds.

Avistone, a San Diego-based real estate private equity and investment management firm, acquired the 187-room Courtyard Dulles Airport Herndon in Herndon, Virginia. The deal marks Avistone's first acquisition in Virginia as the firm continues to expand its branded-hotel portfolio; the company also named Youngbin Park vice president, lodging investments, and transitioned Charlie Muller to an advisory role.

Bonaventure announced it acquired an ownership interest in Richmond, Virginia's Vida East Apartments through a strategic UPREIT transaction with SNP Properties LLC, in which SNP exchanged ownership for interests in Bonaventure's portfolio. The core-plus, Class A multifamily community was completed in 2018, comprises 178 units, and expands Bonaventure's multifamily footprint in the Mid-Atlantic.

Funds managed by Ares Management Corporation's Alternative Credit strategy and Real Estate Group acquired Capital Automotive LLC (CARS) from a Brookfield private real estate fund for $3.8 billion. CARS, headquartered in McLean, Virginia, owns a portfolio of more than 250 net-lease automotive dealership properties across the U.S. and Canada; the acquisition expands Ares' net-lease capabilities and increases its net lease gross asset value to more than $7 billion over the prior 15 months.

Bonaventure acquired two luxury multifamily properties in Virginia—Messenger Place in Manassas and Magnolia Run in Virginia Beach—in separate off-market transactions financed via an $85 million Fannie Mae credit facility arranged by KeyBank. Messenger Place was purchased from owner/developer The Rector Companies for $25.5 million; Magnolia Run (200 units) was acquired for $52.1 million as part of Bonaventure's ongoing portfolio expansion in the Mid-Atlantic.

TKO Suites (Turn Key Office Suites) acquired Source Management, Inc. (Source Office Suites), a four-location provider of serviced office suites in the Washington, D.C. metro area. The deal closed July 20, 2020; terms were not disclosed and Generational Equity advised the seller.

Kensington Vanguard National Land Services has acquired GRS Title Services, LLC, the title operations subsidiary of GRS Group. The acquisition expands Kensington Vanguard’s commercial title footprint (adding Arizona and Missouri) and bolsters its presence in Dallas and the greater Washington, D.C. metro area.