1,500-Unit Apartment Compound Sells for More Than $100M

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.