ALEXANDRIA, VA–Two deals have closed in this submarket, adding to the growing momentum it has been experiencing for the last few years. In one transaction, CIM Group has acquired an apartment community. In the other, Northpoint Realty Partners purchased land with plans for development.
CIM Group has acquired EOS Twenty-One, a 1,180-unit apartment community situated on 30-acre site at 140 South Van Dorn St. The community was constructed in phases between 1968 and 1972, and renovations were completed in recent years.
Separately, Northpoint Realty Partners has acquired 6.32 acres of land from the Hoffman Co., at the intersection of Midtown Avenue and Metroview Parkway, which Northpoint purchased for $5.625 million. It plans to spend another $2 million entitling the land at Huntington Crossing, allowing for a mix of townhomes and a five-story condominium.
Huntington Crossing is Northpoint's second transaction with the Hoffman Co.; they acquired and redeveloped 2461 Eisenhower Ave. in 2015. The entitlements at Huntington Crossing are slated to begin immediately and are expected to complete in the 4th quarter of 2019.
Northpoint Realty Partners is partnering with Urban Engineering, Walsh Colucci and KTGY to develop the project.
Newmark Knight Frank's Brendan Owen, Dan Lockard and Mark Anstine represented the Hoffman Co. in the transaction.
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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.
