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WASHINGTON, DC-The Waterside Towers Apartments and the Commons at Town Square have gotten new owners in a recent transaction valued at $62.5 million. United Dominion Real Estate Investment Trust acquired the Southwest Waterfront area properties, which account for a total of 550 units, from Bresler and Reiner Inc. With multifamily property vacancy rates in the District at a low 1.8%, as per Delta Associates’ Third Quarter 2003 Apartment and Condo Report, the substantial price tag for the 1970s era properties comes as no surprise.

Developed three decades ago, Waterside Towers and the Commons occupy a six-acre parcel overlooking the city’s waterfront and Marina areas at 907 6th St. The Waterside community features three 11-story high-rise towers containing 414 luxury apartment residences, as well as 20 townhouse units. The Commons, conversely, consists of 116 apartments spread out among garden-style dwellings.

“We had a lot of offers for the simple reason that the property is in the southwest region at the waterfront and where the marina is,” Ideal Realty Group president Allen Manesh tells GlobeSt.com. Ideal Realty negotiated the disposition of the apartments on behalf of Bresler and Reiner. “The city has many waterfront properties that are in the process of being torn down and redeveloped. And this property sits right behind a big project that is being developed.” One of the big projects under way in the vicinity is the redevelopment of the Waterside Mall, an endeavor spearheaded by Vornado Realty Trust and Forest City Enterprises, which will ultimately yield 2.5 million sf of office, retail, and residential space. “So because of the development projects and because it’s at the waterfront, this property will get a lot of attention.”

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