(Read more on the multifamily market.)
ALEXANDRIA, VA-GID Investment Advisers LLC, a Boston-based real estate investor with several holdings in the DC area, has picked up one more: the 244-unit Io Piazza, a recently completed luxury high-rise apartment building in the Shirlington submarket that was originally designed to be a condo. GID acquired the 12-story building from the Ed Peete Co.
GID declined to tell GlobeSt.com the sales price. An industry source tells GlobeSt.com that similar trades in the submarket have been averaging more than $430,000 per unit. "We've been noticing that many of these busted condo transactions are commanding premium prices," the source says. Comps include a Halstead property in Alexandria that traded for about $439,000 per unit or $76 million, and Pearson Square in Falls Church which traded for $439,000 per unit or $101 million. Pearson Square is a mixed-use project that included affordable housing and thus had to get permission from the Falls Church City Council to convert the 230 or so units to a rental operation.
Io Piazza, which GID intends to rebrand Io Piazza, a Windsor Community, has been designed for a higher-end market. The average rental rate of the building, which is just now leasing up, is about $2,400, Bill Chiasson, VP of Real Estate Acquisitions for GID tells GlobeSt.com. The company owns two nearby apartment buildings that are about 96% leased, he says.
"Our intent with Io Piazza is to aggressively manage this condo-quality asset," Chiasson says. Io Piazza has an adjacent 334-space structured parking garage, guest lobby with a front desk attendant, a plaza sundeck/terrace, a lounge, exercise room and community business center. Units range in size from 690 sf to 2,242 sf. The apartment include terraces or balconies, floor to ceiling windows, nine-foot ceilings heights, concrete ceilings, granite counter tops and stainless steel appliances.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
