CRYSTAL CITY, VA-MRP Realty and Angelo Gordon have acquired theHampton Apartments here for $33.5 million. The 17-story, 135-unithigh-rise is MRP Realty’s first residential acquisition. It won’tbe its last, however, says principal Ryan Wade. Over the nexttwelve to twenty-four months, the company’s goal is to invest $100million in equity in multifamily.
To that end, it is building out its multifamily acquisition teamto complement its development platform. Michael Keating has joinedMRP Realty as vice president of multifamily acquisitions fromKennedy Associates Real Estate Investment Advisors. "We plan tomake further additions to our residential group over the next 12months," Wade says.
MRP plans to reposition the Hampton as a boutique B-plusproperty. Its strategy is to market it as a "value alternative" tothe surrounding class A apartment building in Crystal City. MRP wasrepresented by Grubb & Ellis in the deal.
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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.
