July 15, 2016
ASB Real Estate Investments secured a 10-year, $105 million, fixed-rate loan on two multifamily buildings owned by its Allegiance Fund. The Sedona|Slate apartments are at 1510 and 1530 Clarendon Blvd. in Arlington, VA. Prudential Mortgage Capital Co. provided the 3.4% loan, with Cushman & Wakefield brokering the transaction.
The 474-unit Sedona|Slate is 97% occupied. ASB bought the asset in 2013 for $222 million. “ASB is pursuing a strategy to leverage assets selectively, taking advantage of extremely low interest rates for well leased core properties given favorable capital market conditions,” said Larry Braithwaite, senior vice president and portfolio manager of the fund. “The Sedona│Slate apartments provide both upscale and affordable multifamily rental residences in one of the most selective and desirable submarkets within the DC Metro.”
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