CRYSTAL CITY, VA-MRP Realty and Angelo Gordon have put The Paramount, an apartment building in this submarket, on the market. Cassidy Turley's Christopher Doerr, Bill Collins and Rachel Ley are leading the sales effort – an effort that is turning out to be more fruitful than initially expected. Interest in the building is high, Doerr tells GlobeSt.com, with the broker receiving an unusually large number of inquiries and CAs (confidentially agreements).
What's more, the breadth of these inquiries is quite wide, he continues—from such diverse sources as condo converters ("we haven't seen many of those before now") to institutional investors to mid-level regional players. The property has been on the market for two weeks.
To be sure there is plenty to like about the asset: it is free and clear of all debt; it is located in a submarket where little new supply is slated to enter. Also Crystal City has seen some phenomenal market trades recently, including last month's Archstone Crystal Towers, which sold for a record $322.25 million. Doerr declined to discuss price expectations or the whisper price.
The 17-story residential development includes 135 high-end apartments and 3,610 square feet of ground floor retail, totaling 137,010 square feet.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
