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Friedkin Realty Group Buys Alexandria MF for $70M

ALEXANDRIA, VA—The 290-unit Beacon of Groveton traded for $241,897 per unit, a source tells GlobeSt.com.

By Erika Morphy | erikamorphy | | Updated on March 30, 2016
Beacon of Groveton Beacon of Groveton
ALEXANDRIA, VA—Beacon of Groveton, a 290-unit apartment building that delivered in 2012, has traded for $70.2 million, or $241,897 per unit, according to a source. The buyer is the San Franciso-based private investor Friedkin Realty Group. GlobeSt.com asked the company for comment but did not receive a response in time for publication. The apartment building is listed on Friedkin’s website, along with the two additional apartment properties it owns in Virginia: The Julian at Fair Lakes and River Oaks Apartments. Our source also tells us that M&T Bank provided about $56 million in financing for property. The seller is Wood Partners, an apartment developer based in Marietta, GA that is active throughout the Mid-Atlantic. Friedkin has been making selective acquisitions in the area, most recently its purchase of Owings Park, a multifamily asset in the Baltimore suburb of Owings Mills. Friedkin Realty acquired the 174-unit property for $34 million. Last year, it acquired the 384-unit Meridian at Bowie , for $71.8 million. In 2014 it scooped up the aforementioned River Oaks Apartments, in Woodbridge, VA,  a 294-unit garden-style multifamily complex, for $63.8 million, or $217,007 per unit. As for its latest acquisition in the area, Beacon of Groveton is a five-story building located at 6870 Richmond Hwy with 10,000 square feet of ground floor retail.              

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