GID Investment Acquires Shirlington High Rise

(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.