WASHINGTON, DC-The Van Metre Cos. as part of a move to expand its multifamily holdings in the area, has purchased three apartment buildings in northeast DC for a total of $21.2 million.
The Fairfax, VA-based firm, according to local property records, has recently acquired the 64-unit Sarbin Towers and the 44-unit Park Marconi Apartments, both on 16th Street near Lamont Street, for approximately $9 million from San Francisco-based Carmel Partners Inc. The firm also bought the 77-unit Park Meridian apartments nearby at 16th and Fuller streets from Carmel for $12.2 million, according to the Washington Business Journal.
Van Metre recently formed a joint venture with an unnamed equity partner to seek out "well-located, value-add apartment acquisitions," according to MAC Realty Advisors LLC, which arranged the partnership. According to MAC Realty, Van Metre is planning other purchases in the coming months. See story in the Washington Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
