MAC REALTY ADVISORS WITH CUSHMAN & WAKEFIELD REPRESENTED LEVEL 2 DEVELOPMENT AND CENTRUM PROPERTIES INC. IN THE UNPRECEDENTED SALE OF VIEW 14 FOR $104 MILLION
On June 28, 2011, United Dominion Realty Trust (UDR) acquired View 14, a mixed-use, 185-unit luxury apartment project for $104 million, $600 per residential square foot. Bruce Levin and Andrew McAllister of MAC Realty Advisors, along with Cushman & Wakefield, represented the sellers, Level 2 Development and Centrum Properties.
View 14 was completed in 2009 and commands the highest rents in the U Street sub-market of Northwest, Washington DC. Andrew McAllister, Executive Director of MAC, also arranged $92 million of senior debt, mezzanine, and equity financing for the acquisition and construction of the project. Additionally, Mr. McAllister represented Level 2 Development and Centrum Properties in the $30.9 million sale of the Nehemiah Center at 2400 14th Street, in Northwest, Washington DC to UDR in September 2007.
"This sale establishes a new per square foot price level for a stabilized luxury Class A apartment buildings in the Washington, DC market," said Mr. McAllister of the transaction.
Bruce Levin and Andrew McAllister co-founded MAC Realty Advisors in 2010. Mr. Levin and Mr. McAllister have been friends and professional colleagues for almost a decade and decided to merge their collective skill sets into one platform to serve the local multifamily community, including developers, land and apartment owners.
Prior to co-founding MAC, Mr. Levin was the Founder and Managing Member at Keystar LLC, a Washington, DC-based real estate investment company that has focused on bridge lending and investments in urban infill properties. Mr. McAllister previously had a successful career at Cushman & Wakefield where he was a senior leader within the Capital Markets Group from 2001 to 2010.
In its first year of business, MAC has been engaged over 20 times by distinguished clients and has achieved outstanding results on transactions including construction financings, equity recapitalizations, land sales, and investment sales.
MAC Realty Advisors
|<PREVIOUS NEWS STORY||NEXT NEWS STORY>|