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Multiple Transactions Realign Northern Virginia Properties

ARLINGTON, VA-Home Properties makes a substantial investment in the area with a purchase from Smith Residential. Smith, in turn, has taken the cash and made its own investments, expanding its portfolio.

By Diane Cook | Updated on November 21, 2000

ARLINGTON, VA-Deals two years in the making mark changes in ownership of an Alexandria, VA-based development, an Arlington, VA property and a Fort Lauderdale, FL concern. The sale of the first property has expanded the portfolio of the buyer, and enabled the seller to make acquisitions of its own.

Home Properties purchased the 851-unit Orleans Village apartment and town home community in Alexandria from Charles E. Smith Residential Realty for $67.4 million. This translates to approximately $79,200 per unit.

Smith built Orleans Village between 1967 and 1972. The Fairfax County property is minutes from I-395 and I-495 commuter routes. With a 1999 average occupancy rate of 97.4% and 1,040-sf unit size, monthly rents average $954. The complex has 132 three-bedroom units, 447 two-bedroom units, 272 one-bedroom units, an Olympic-size swimming pool, on-site laundry facilities and ample parking.

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