Business Notes: Real Estate Groups Purchase Wheaton Apartment Complex for $21 Million
Plus: Avenue Stores closes Rockville location; Holy Cross Health president earns national recognition
Earle Manor Apartments
Via Blackfin Real Estate Investors
Real estate groups purchase Wheaton apartment complex for $21 million
Blackfin Real Estate Investors and Acre Valley Real Estate Capital announced a joint venture on Tuesday with the purchase of Earle Manor Apartments in Wheaton for $21 million.
The two-building, 140-unit complex on Georgia Avenue is the first investment in the partnership between the two companies.
“We recognize the demand for affordable housing in Montgomery County and older, well-maintained properties like Earle Manor offer an urban lifestyle for an affordable price in a transit-oriented location,” Blackfin co-founder Doug Root said in a statement.
Blackfin is based in Arlington, Va., and focuses on acquiring multifamily properties along the East Coast. Chicago-based Acre Valley also centers on acquiring multifamily properties, along with office and industrial assets, across the country.
Acre Valley Managing Partner Andrew Hananel said in a statement that the company was looking to increase its activity in the mid-Atlantic region and saw Blackfin as a viable partner.
“We are thrilled to have consummated our first investment together and look forward to successfully implementing our joint business plan for Earle Manor,” Hananel said in a statement.
Avenue Stores closes Rockville location
Women’s clothing retailer Avenue Stores LLC is closing all of its 222 stores across the country, including one in Rockville.
Business management group Hilco Merchant Resources announced the closings in a news release Wednesday, which includes eight locations in Maryland.
Avenue began as Sizes Unlimited in 1983, offering clothing for plus-sized women.
The company has cut prices in an effort to liquidate its assets, with all merchandise 30% to 50% off. The store fixtures are also being sold.
Hilco and investment firm Gordon Brothers are handling the sales of Avenue’s stores. The joint partners expect the stores to clear out in short order.
“Given the popularity of the brand and the seasonal trends, merchandise is sure to sell out quickly,” a spokesman for the companies said in a statement. “We are encouraging consumers to shop early and take advantage of these offers. ”
Holy Cross Health president earns national recognition
Holy Cross Health president and CEO Dr. Norvell V. Coots was named to Becker’s Hospital Review’s 2019 list of 105 Physician Leaders to Know, an annual recognition backed by the American Medical Association.
Coots took over leadership of the Silver Spring health center in August 2016 and has more than two decades of experience in the industry.
“I am grateful for the Becker’s recognition and proud of the work that Holy Cross Health does in the communities we serve, ” Coots said in a statement. “It is an honor to lead a health system committed to helping our community members address their individual needs and goals in order to achieve their best quality of life. ”
Becker’s Healthcare has published the list since 2012, highlighted physicians who have “demonstrated outstanding leadership and clinical expertise throughout their careers,” according to its website.
Real estate technology company among fastest-growing for second year
Bethesda-based Homesnap, a platform that uses mobile technology to provide real-time data on real estate agents, ranked No. 38 on the annual list of fastest-growing startups from weekly magazine Inc.
Homesnap also made the list in 2018, at No. 43. The company has grown by 6,176.6% in the past three years, largely due to expansion in more than 200 markets across the country, according to a news release.
“To sustain our growth trajectory for this long is truly a testament to the entire Homesnap team and the work we do every day to provide superior service and create innovative technology for our clients,” Homesnap CEO John Mazur said in a statement.
Inc.’s annual Inc. 5000 highlights the 5,000 fastest-growing private companies in the U.S., including a breakdown of the success of each nominee.
Charlie Wright can be reached at email@example.com