Beazer originally developed the property with the intent of delivering a condo project. Carmel acquired the building empty--that is, free of the condo contracts that had been negotiated. Since the deal closed earlier this summer, Carmel has leased approximately 40% of the building, Chris Beda, the company's chief investment officer tells GlobeSt.com. "This was an opportunity to buy an institutional core asset and execute on the lease up--which was a value-add for the acquisition," he says.
Carmel has a strong interest in the Northern Virginia market, Beda adds. The company expects it will make additional investments here, although he declined to provide a specific target. The Avera has been renamed Carmel Vienna Metro to reflect its location at this metro stop--which was part of the property's appeal to Carmel, Beda says.
Rents for the units will range from $1,200 to $2,450. High-end amenities include 40-inch plasma TVs in every unit and high grade finishes such as granite counter tops, premium stainless steel appliances, ceramic tile bathrooms, hardwood flooring and nine foot ceilings.
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