Alexandria Apartment Trades For $78M
Republic Properties Corp. scooped up the 344-unit value add property.
ALEXANDRIA, VA–Republic Properties Corp. has acquired Crystal Woods of Alexandria, a 344-unit value-add apartment property for $78 million.
CBRE’s Jonathan Greenberg, Bill Roohan, Bob Dean, Brian Margerum, Yalda Ghamarian and Thomas Leachman arranged the sale of the property, which is located at 4905 Southland Ave.
Like all value-add properties in the Washington DC area — especially those located close to the Beltway as Crystal Woods is — there was tremendous appeal for this property and its potential upside, according to Greenberg. Republic Properties has the opportunity to make value-add improvements and achieve rent premiums with the asset, he said in a prepared statement.
Crystal Woods has a track record of strong rent growth, according to CBRE, which is reinforced by strong submarket projections. The apartment complex is also undergoing a recent program of capital improvements to building systems and common areas.
Built in 1976, Crystal Woods is close to the Pentagon, the US Patent & Trademark Office, the Department of Defense Mark Center campus, and Inova Alexandria Hospital. It is also within a mile of Landmark Mall, which is scheduled for a 2020 redevelopment start by the Howard Hughes Corp. Once complete, the project is expected to be a market catalyst to reset nearby rent levels.