ALEXANDRIA, VA–A source tells GlobeSt.com that Bell Del Ray, a 276-luxury apartment complex with 3,500 square feet of retail space within Potomac Yard, has traded for $100.5 million, or approximately $364,130 per unit. The buyer is Chicago-based Heitman, the source tells us. Bell Del Ray was developed by a JV consisting of Woodfield Investments, The Davis Cos., Arsenal Real Estate Partners, and Bell Partners.
A call to Heitman was not returned in time for deadline.
The five-story Bell Del Ray, located at 625 E Monroe Ave., delivered in 2013. The building, which has some 3,500 square feet of ground-floor retail, is located at the south end of Alexandria's 167-acre Potomac Yard.
The land sale for the property recorded as $23.5 million.
In 2012 HFF secured debt and equity financing for the project from Sovereign Bank and Bell Partners Fund IV.
Locally-based Woodfield Investments is also developing, or has developed the 400-unit Woodfield Dulles Station, the Palette at Arts District, a community in the Hyattsville Arts District project and Hidden Creek, in Gaithersburg, Md.
ALEXANDRIA, VA–A source tells GlobeSt.com that Bell Del Ray, a 276-luxury apartment complex with 3,500 square feet of retail space within Potomac Yard, has traded for $100.5 million, or approximately $364,130 per unit. The buyer is Chicago-based Heitman, the source tells us. Bell Del Ray was developed by a JV consisting of Woodfield Investments, The Davis Cos., Arsenal Real Estate Partners, and Bell Partners.
A call to Heitman was not returned in time for deadline.
The five-story Bell Del Ray, located at 625 E Monroe Ave., delivered in 2013. The building, which has some 3,500 square feet of ground-floor retail, is located at the south end of Alexandria's 167-acre Potomac Yard.
The land sale for the property recorded as $23.5 million.
In 2012 HFF secured debt and equity financing for the project from Sovereign Bank and Bell Partners Fund IV.
Locally-based Woodfield Investments is also developing, or has developed the 400-unit Woodfield Dulles Station, the Palette at Arts District, a community in the Hyattsville Arts District project and Hidden Creek, in Gaithersburg, Md.
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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.
