JULY 14, 2016

ASB Secures $105 Million Financing on Arlington Apartment Complex

WASHINGTON, DC – ASB Real Estate Investments, on behalf of the ASB Allegiance Fund, has secured a ten-year, $105 million fixed-rate financing at 3.39% from Prudential Mortgage Capital Company on two apartment buildings the Fund owns in Arlington, Virginia. Known as the Sedona│Slate apartments, the buildings are located at 1510 and 1530 Clarendon Boulevard in the Rosslyn neighborhood of Arlington, VA just across the Potomac from Washington, DC. The property, which is 97% leased, comprises 474 apartment units and more than 10,000 square feet of retail space. In 2013, ASB acquired Sedona│Slate for $222 million in cash for Allegiance Fund, a $6.2 billion core investment vehicle.

Larry Braithwaite, Senior Vice President and Portfolio Manager of ASB’s Allegiance Fund, said: “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. 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.”

Sedona│Slate features studios, one-bedroom units, two-bedroom units, and townhome units, plus affordable units at Sedona as well as two state-of-the-art fitness centers, two pools, a resident park, garage parking, outdoor grilling areas, and concierge services.

Cushman & Wakefield brokered the financing.

About ASB Real Estate Investments
ASB Real Estate investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm, managing $6.6 billion* in gross assets under management for over 340 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account.

* as of March 31, 2016

The information provided in the release does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities.

BACK TO ALL PRESS RELEASES