Erkiletian Real Estate Services represented the buyer. Don Mercer, executive director, and Ryan Moody, director, of GVA Advantis, Tysons Corner office represented the seller, Security Storage Co., in the transaction. The property had been fully occupied by the previous owner and is now vacant, Tonya Ginter, director of Research and Marketing for GVA, tells GlobeSt.com. "Erkiletian plans to make this into a world-class project," she says. The company will likely begin developing it next year, eventually delivering between 170 to 200 units to the market.
Right now Alexandria's multifamily market is feeling some stress from the recent up-tick in supply in the market, many of which are failed condo projects, Grant Montgomery, VP with Delta Associates, tells GlobeSt.com. "But the market is starting to burn off some of that supply," he adds. "Generally, projects located close to the metro, like this one, tend to do better."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
