Persimmon Capital Partners Sells Huntington Gardens
CBRE Facilitated Christian Relief Services Charities Purchase of Multifamily Property to Expand Affordable Housing Portfolio
Washington, D.C. – October 5, 2016 – CBRE, Inc. announced the recent sale of Huntington Gardens, a 113-unit garden multifamily community located in Alexandria, VA. Christian Relief Services Charities, a mission-based 501(c)(3) not-for-profit, purchased the multifamily property from Persimmon Capital Partners, a Washington, D.C.-based private equity firm, for $18.5 million.
Persimmon Capital Partners, Christian Relief Services Charities and CBRE worked together to structure a transaction that was beneficial for both the buying and selling entity. The not-for-profit utilized public and private resources to assist in fulfilling its mission of providing clean, safe and reasonably priced homes to the residents of Fairfax County.
“We were excited to work with Christian Relief Services and Fairfax County to help further their joint mission of preserving well-located affordable housing,” said Michael Snyder, Vice President of Persimmon Capital Partners. ”Our team valued the opportunity to work alongside Christian Relief Services Charities on this transaction and help them achieve their goals.”
The CBRE Washington, D.C. Multifamily Investment Properties team of Bob Dean, Jonathan Greenberg, Yalda Ghamarian, Tom Leachman and Mike Kidd along with the CBRE Debt and Structured Finance team of David Webb, Todd Trehubenko, Maxi Thiels and Jamie Butler worked to facilitate the transaction.
“Huntington Gardens presents a rare opportunity to purchase a community with this location and size in Fairfax County. The property is a well-maintained, garden-style residence in the quick-transforming Huntington submarket of Alexandria,” said Jonathan Greenberg, Senior Vice President, CBRE. “Partnering with the CBRE Debt and Structure Finance team, we were able to leverage our collaborative expertise, provide strategies and counsel to our clients, so they could reach their mission effectively and efficiently.”
About Persimmon Capital Partners
Founded in 2008, Persimmon Capital Partners is a diversified alternative investment company focused on direct, private investments primarily in private equity and real estate. A captive and fully discretionary capital base gives Persimmon the flexibility to invest in a wide variety of structures with both short and long-term investment horizons. As an active, growth-oriented investor, Persimmon looks to partner with strong management teams to build sustainable value and generate superior risk adjusted returns. www.persimmoncap.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.