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Charger Ventures Nabs 328-Unit Community Near Naval Air Station Patuxent River in St. Mary's County

Lone Star Funds Flips Greens at Hilton Run in $38.5 Million Deal
October 3, 2018
Charger Ventures has acquired a 328-unit apartment community near a United States naval air station in St. Mary's County, Maryland, in a $38.5 million deal.

The Bethesda, Maryland-based investment firm paid roughly $115,000 per unit for the Greens at Hilton Run, a 30-year-old, garden-style community located at 46860 Hilton Dr. near the Naval Air Station Patuxent River in Lexington Park, Maryland.

Built in phases in 1988 and 1992, the community consists of one- to three-bedroom floor plans averaging 927 square feet. Charger Ventures plans to build on renovations initiated by the previous owner, including upgrades to unit interiors as well as to the clubhouse and amenities.

Jamie Leachman and Nicole Brickhouse of HFF's debt placement team arranged $30.128 million in acquisition financing for Charger Ventures. HFF will service the 10-year, fixed-rate loan, which the company arranged through Freddie Mac’s CME Program.

William Roohan and Michael Muldowney of CBRE brokered the deal for Dallas-based Lone Star Funds, which acquired the community in a $1.8 billion, 63-property portfolio sale back in 2014.

Please see CoStar COMPS #4530226 for more information on this transaction.
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