CRYSTAL CITY, VA-MRP Realty and Angelo Gordon have acquired the Hampton Apartments here for $33.5 million. The 17-story, 135-unit high-rise is MRP Realty’s first residential acquisition. It won’t be its last, however, says principal Ryan Wade. Over the next twelve to twenty-four months, the company’s goal is to invest $100 million in equity in multifamily.
To that end, it is building out its multifamily acquisition team to complement its development platform. Michael Keating has joined MRP Realty as vice president of multifamily acquisitions from Kennedy Associates Real Estate Investment Advisors. "We plan to make further additions to our residential group over the next 12 months," Wade says.
MRP plans to reposition the Hampton as a boutique B-plus property. Its strategy is to market it as a "value alternative" to the surrounding class A apartment building in Crystal City. MRP was represented by Grubb & Ellis in the deal.
After a quiet period MRP has gone into acquisition mode. Recently, it acquired Washington Harbour, a two-building, mixed-use development on the Potomac River, in partnership with Rockpoint Group for $244 million.
It also snapped up Monument III, a 193,000-square-foot, seven-story building at 12930 WorldGate Dr. in Herndon, VA for $51 million from General Electric Credit Equities and a 212,000-square-foot office in Clarendon, VA from Multi-Employer Property Trust for $72 million.
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