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Redbrick Partners, David Werner Real Estate Put Massive Multifamily Deal to Bed

Venture Acquires Three-Building, 2,175-Unit Apt. Portfolio in Fairfax County
April 29, 2015
Washington, D.C.-based investment management and development firm Redbrick Partners, in a joint venture with David Werner Real Estate out of New York City, acquired a 2,175-unit multifamily portfolio in Fairfax County, VA from Brookfield for an undisclosed amount.

The portfolio consists of the 1,065-unit Avant at 7031 Patriot Dr. in Annandale; the 752-unit The Amberleigh at 8301 Anderson Dr. in Fairfax; and the 358-unit The Edgemoore at 7150 Rock Ridge Ln. in Alexandria, all older communities located near the Capital Beltway and immediately southwest of downtown Washington, D.C.

Redbrick said it intends to carry out extensive renovations at all three properties. McLean, VA-based Kettler, which holds equity interest in the acquisition, will provide property management services for the portfolio.

"Last year we announced a strategic initiative to complement our robust long-term development pipeline through the acquisition of value-add cash-flowing assets and this is representative of that strategy," said Tom Skinner, managing partner of Redbrick.

Walker & Dunlop secured a $402 million, 10-year senior loan through Fannie Mae on behalf of the acquiring venture. Redbrick, DWREI and The Stillman Group, as well as the Hamilton Group and other long-term family office investors, provided equity financing.

Representatives with Eastdil Secured coordinated the disposition on behalf of Brookfield, which acquired the properties after Stellar Management foreclosed on them in 2009.

Please see CoStar Comp #3286499 for more information on the transaction.
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