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ALEXANDRIA, VA-Ownership of the 378-unit Jamestowne Village Apartments has changed hands in a recent $56.5-million deal. With the assistance of Ideal Realty Group’s Allen Manesh, Jamestowne Village LLC sold the multifamily property to Mid-City Urban LLC, which plans to convert the multi-structure community into condominiums.

One of the reasons for the high $149,500 per-unit sales price, Ideal Realty tells GlobeSt.com, is attributed to the fact that the property features both apartments and townhomes. A luxury residential facility, Jamestowne Village Apartments has been in a part of the Alexandria community for quite some time, having been built in two phases in 1962 and 1963. Located at 1523 N. Van Dorn just five minutes from Old Town Alexandria, the residential locale features an easily accessible location off Interstate 395.

BonAventure Realty Group had been in charge of operations at Jamestowne since the seller acquired it four years ago. “Upon purchase, a successful repositioning program was initiated, catering to a more upwardly mobile professional renter,” says BonAventure Realty president Dwight Dunton. “As the disposition of the asset approached, it was clear that the best exit strategy in terms of sale proceeds was to sell to a condominium converter.”

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