Transwestern Opens Fifth Mid-Atlantic Office in Southern Virginia
Transwestern Commercial also announced today its Mid-Atlantic Multifamily Group has been named the exclusive agent for the sale of Ashton Heights, a 283-unit, high-rise apartment community at 3901 Suitland Road in Suitland, MD.
CHESAPEAKE, VA—Transwestern Commercial Services has expanded its presence in the Mid-Atlantic market with the opening of a new office here that will serve the greater Norfolk, VA region.
The new office at 816 Greenbrier Circle is Transwestern’s fifth location in the Mid-Atlantic region. Transwestern also maintains Mid-Atlantic offices in Washington, DC; Baltimore; Bethesda, MD and Northern Virginia (McLean, VA. In conjunction with the new office opening, Transwestern Commercial was recently awarded management of a 1.64 million-square-foot portfolio of industrial and office properties in Norfolk by DSC Partners LLC.
“Southern Virginia is increasingly a target market for investors, and we are committed to providing unmatched service anywhere our clients have real estate needs,” states Tom Lawyer, president of Transwestern Commercial Services. “With the support and expertise of our existing team members in Virginia, Washington, D.C., and Maryland, the timing is right for Transwestern to expand its footprint in the region.”
The firm states that Norfolk’s healthy economy is attracting increased real estate capital investment. Norfolk posted a 3.3% unemployment in December 2018 and procurement spending has risen 16% over the past two years. With the U.S. Department of Defense being the largest employer in the area, spending is projected to remain elevated, Transwestern notes.
In connection with its recent assignment with DSC Partners, Transwestern Commercial executive managing director Keith Foery says, “We are pleased to expand our relationship with DSC Partners. Transwestern’s innovative approach reflects our unique culture; it is the foundation upon which we will drive value for DSC and its tenants and establish Transwestern’s reputation as the leading real estate firm in Southern Virginia.”
Transwestern Commercial also announced today its Mid-Atlantic Multifamily Group has been named the exclusive agent for the sale of Ashton Heights, a 283-unit, high-rise apartment community at 3901 Suitland Road in Suitland, MD. Co-directors Robin Williams and Dean Sigmon will lead the project.
“Ashton Heights is one of few high-rise communities in the region, offering investors an extremely rare opportunity to purchase a well-maintained, solidly built, 1970s vintage apartment community in one of the best-performing areas in the region,” Williams says. “This sale is a superior opportunity for an investor to increase rental revenue with standardized interior renovations and minor curb appeal and amenity enhancements.”
The building is located near the Washington, DC, line and the Suitland Federal Center, home to the U.S. Census Bureau, in Prince George’s County. The Andrews/Suitland submarket revitalization includes new walkable retail and entertainment centers and significant renovation to existing apartment communities, contributing to consistent 7% rent growth, according to Delta Associates’ Fourth-Quarter 2018 Washington Area Class B Apartment Report.
Earlier this month, Transwestern announced that Bruce Ford was named president of Transwestern Commercial Services’ East Region. Ford, who previously served as president of the Southeast, assumed oversight of operational excellence, client service delivery and business development initiatives for the commercial real estate services business in offices throughout Florida, Georgia, Tennessee, Virginia, Maryland, the District of Columbia, Massachusetts, New Jersey and New York.
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