MAC REALTY ADVISORS IS OFFERING KELSEY GARDENS FOR JV OR SALE
Washington, DC, March 17, 2011 – MAC Realty Advisors, LLC announced today that it is offering the opportunity to purchase or to provide development financing for Kelsey Gardens, a 281-unit $80 million mixed-use redevelopment project, which is situated three blocks from the Convention Center Metro Station and within walking distance of the heart of Downtown DC, the U Street Corridor, and other major development nodes.
Kelsey Gardens is an urban infill, transit-oriented project located in one of the best rental markets in the nation. The efficient size, design, and regulatory benefits generate very compelling returns including a stabilized development yield of greater than 7.5%. The site is already fully entitled, as the sponsor has invested several years in negotiating a PUD. It should break ground as early as the third quarter of 2011. The project’s design features efficiently sized units, which are ideal for today’s urban rental market. In addition, Kelsey Gardens will be designed to LEED certification.
In combination with the O Street Market redevelopment, these two projects, totaling more than one million square feet, will have a transformative effect on this exceptionally well-located residential neighborhood.
MAC Realty Advisors is a Washington, D.C.-based, full-service, real estate advisory firm specifically focused on the residential developer and apartment-owner community. The firm’s service lines include apartment building sales, land sales, debt and equity placement, and advisory services in the affordable housing sector. MAC Realty Advisors assists clients in obtaining financing from multiple sources: Fannie Mae, Freddie Mac, FHA, credit companies, REITs, commercial banks and private investors. The MAC founders are Bruce Levin and Andrew McAllister.
For additional information, please contact Bruce Levin at 202-296-0459 or Andrew McAllister at 202-296-0007.
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