ALEXANDRIA, VA-The Alexan Carlyle, a 280-unit multihousing community here traded for what is rumored to be $102.8 million, or $367,143 per unit and a cap rate of 4.8%. The mid-rise property traded to a fund managed by Prudential Real Estate Investors.
HFF’s Dave Nachison, Alan Davis and Brenden Flood marketed the property on behalf of the seller, a partnership led by Trammell Crow Residential. Alexan Carlyle is located at 800 John Carlyle St. in the Carlyle neighborhood of Old Town Alexandria. It delivered in 2009, featuring one- and two-bedroom traditional and loft-style units averaging 868 square feet each. The property is 93% leased.
Prudential has been an active participant in the marketplace providing debt, equity, and mezzanine financing, Ari Firoozabadi, director of Marcus & Millichap’s National Multi-Housing Group, tells GlobeSt.com. “They realize what other institutional investors do; that apartment rent growth in the Washington, DC area and in particular Northern Virginia will provide greater upside on a seven to 10-year hold than alternative investments.”
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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.
