$300M Buys Two Northern VA Apartment Communities

WASHINGTON, DC-Two Northern Virginia apartment communities totaling more than 1,000 units, Park Center Apartments in Alexandria and the Commons of McLean in the Tysons Corner submarket of McLean, have found a new owner in Monument Realty. The locally based real estate concern doled out a total of $300 million to add the two properties to its growing portfolio. Changes are in store for both sites.

Monument purchased Park Center, a 574-unit complex of three 15-story high-rise and two four-story garden-style structures, from Park Center Apartments LLC for $130 million. The seller was represented by Transwestern Commercial Services. Situated on a 10.5-acre plot of land directly off Interstate 395 and King Street, the apartments feature a three-level parking facility, as well as a fitness center, community center, game room, business center, a deli and convenience store. Development of the property, which carries a current assessed value of $108 million, was completed in 1979.

Monument secured financing for the acquisition from Lehman Brothers and plans an upgrade to the property that holds a slight bit of irony; the company will convert Park Center Apartments to a condominium development, which is the condition in which the property started out in the 1970s. “[We view Park Center] as a great opportunity to target a segment of the market that is largely underserved by providing a first-class product at prices substantially less than those offered on projects with new construction,” says Jeff Neal, Monument co-founder and principal.