Reserve at Eisenhower Gets New Owner

ALEXANDRIA, VA-The newly built Reserve at Eisenhower, a 226-unit residential complex, has found a new owner in a recent transaction between developer Trammell Crow Residential and buyer Chicago, IL-based REIT Equity Residential. With the change in ownership comes a new name for the property; the luxury multifamily development was previously known as Alexan Eisenhower. Financial details of the deal have not yet been released. The complex was marketed along with two other Trammell Crow residential communities. The three properties had a cumulative value of $175 million.

“[The project] is in one of the most vibrant apartment locations in the country and the purchaser has recognized the long-term prospect of this unique asset,” says Transwestern Commercial Services senior vice president Scott Melnick. Melnick and Transwestern senior vice president Al Cissell were the sole brokers in this deal. Located at 5000 Eisenhower Ave. the Reserve is easily accessible from both I-495 and I-395, two major traffic corridors. The property consists of a single mid-rise building, and garden style structures. Equity Residential tells GlobeSt.com that the final portion of the apartment community–the mid-rise building–was just delivered in December. The new owner also notes that the property is currently about 53% occupied.