Faros Properties acquires 350,000 s/f 24-story apartments

Faros Properties acquired Washington Plaza Apartments at 1420 Centre Ave. The 24-story, 350,000 s/f building will undergo interior and exterior renovations Faros Props. has retained Perkins Eastman to complete all improvements. "Perkins Eastman is among the top architecture and design firms in the world with extensive experience in luxury residential high rises," said Elliot Gould, managing partner, Faros Props. "Their innovative designs and sustainable approach align with our vision for the property. We are thrilled to have them on board." After a long history of success in the commercial arena, Washington Plaza Apartments is Faros Properties' first residential project. Plans are underway to purchase additional residential buildings nationwide as part of the firm's current investment strategy. "We're focused on multi-family assets in urban and in-fill locations in addition to commercial properties in cities that have high concentrations of intellectual capital, strong fundamentals, and strong growth prospects," explained Jeremy Leventhal, managing partner, Faros Properties. The firm will seek additional direct and venture investment opportunities nationwide as they expand their portfolio, primarily distressed opportunities created from the economic downturn.