JV Takes $250M Stake in Multifamily Portfolio

WASHINGTON, DC-Cleveland-based Forest City Enterprises and locally based Bernstein Management have formed a JV in which Bernstein willacquire a 50% stake in a three-asset multifamily portfolio in thegreater DC area for $250 million. Forest City built the threehigh-rise communities with tax-exempt bond financing and retained CBRichard Ellis to bring the portfolio to market.

CBRE’s Bill Roohan, Andy Boyer, Mike Muldowney, Jonathan Greenberg,Michael Rudolph, John Sheridan and Brian Margerum arranged the JVbetween Bernstein and Forest City.

The three high-rise communities include:Lenox Club, a 385-unit high-rise located at 401 12th St. inArlington, VA. The 21-story building was built in 1991 and includesfirst-floor retail, a fitness center and an indoor pool. It is 95%leased.

Lenox Park, a 406-unit high rise, located at 1400 E. W. Highwayin Silver Spring, MD. Built in 1992, the 17-story property alsoincludes first-floor retail, a pool, garage parking and roof topterraces. It is 95% leased.

The Grand, a 549-unit luxury apartment project located at 5301 Nicholson Ln. in Bethesda, MD. It was built in 1999 and is 90% leased.