WASHINGTON, DC—Redbrick LMD and David Werner Real Estate Investments have completed their acquisition of a 2,175 garden-style apartment portfolio from Brookfield. The portfolio was financed with a $402 million 10-year term senior loan from Fannie Mae that was secured by Walker & Dunlop. Redbrick LMD, DWREI and The Stillman Group also kicked in equity financing along with the Hamilton Group and other long-term family office investors to fund the deal.

The transaction is representative of Redbrick's strategy, announced last year, in which it would acquire value-add cash-flowing assets, says managing partner Tom Skinner. "These well-located, multifamily assets provide strong immediate cashflow and offer significant revenue upside," he says in a prepared statement.

The firm will launch a renovation project this summer, upgrading the units and the amenities in the complex.

Located in Fairfax County, Virginia, the apartment portfolio is comprised of the Amberleigh in Merrifield, the Avant in Annandale and The Edgemoore in Alexandria. Kettler has been retained to manage the entire Northern Virginia portfolio.

This was the borrowers first deal with Walker Dunlop. Typically, Redbrick has financed large-scale projects with long-term family office relationships, which it also did with this deal as well.

Instant Insights /

Redbrick, David Werner Buy 2,175-unit MF Portfolio

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