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ALEXANDRIA, VA-The Alexandria, a 1,524-unit multifamily community, found a new owner in a recent transaction, the financial details of which are being kept under wraps for the time being. Five years after having acquired the apartment compound for $97 million, New York-headquartered Sterling American Property Inc. sold it to Orion Residential LLC, a Seattle-based company. According to sources close to the deal, it sold for approximately $200 million.

Given that the property’s current assessed value is in excess of $103 million, Sterling has, more likely than not, pocketed a hefty profit from the transaction. And the new owner was on the other end of the win-win deal. “Washington, DC, has the strongest employment statistics in the nation,” Sterling American acquisitions vice president Mel Mayers says. “I believe that this market factor, coupled with ever-escalating sale prices for investment sales properties including office buildings in the District, made this property a very attractive and compelling asset for the buyer.” Holliday Fenoglio Fowler’s Matthew Lawton, Chicago office, senior managing director, and directors David Nachison and Marty O’Connell worked on the transaction.

The Alexandria has been a popular residential destination since its development in the late 1960s, and its current occupancy level of 98% verifies its continued status as a well-liked multifamily dwelling. Located on a sprawling 40-acre parcel off I-395, the property boasts such amenities as a 16,000-sf clubhouse, 4,700 sf of retail space and a library, as well as a fitness center, swimming pools and tennis courts. And while the Alexandria has been around for a few decades, it is no worse for the wear; Sterling American orchestrated an extensive two-year renovation and upgrade project, leaving the residences, common areas and grounds in tip-top shape.

The apartment market in the Greater Washington, DC area continues to thrive, despite a lackluster couple of years for most markets across the nation. This fact is not lost on Orion. “We are pursuing the Washington-area market very aggressively,” company president and CEO Brian Ward tells GlobeSt.com. “We are currently looking at more than 10 acquisitions in Maryland, Northern Virginia and Washington, DC.”

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