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ALEXANDRIA, VA-Last month we reported that the Virginia Department of Transportation sold Hunting Point, a 530-unit apartment complex on the Potomac River, for $78 million. The buyer was Lubert-Adler of Philadelphia, PA. This particular sale pushed the company’s multifamily portfolio for its domestic institutional investors pass the $2 billion mark.

More to the point, the sale illustrates just how far value-add has come back, not just here, not just in multifamily, but in general. Indeed some observers say that it won’t be long before opportunistic funds become a frequent player in this market, as they are starting to in New York City, as the Wall Street Journal reported.

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