ALEXANDRIA, VA–The Strand of Alexandria, a 394-unit, two-building apartment complex has traded for $80 million, or $203,046 per unit.
San Francisco-based investor FPA Multifamily has acquired the property, located at 200 Yoakum Pkwy, from Azure Partners. The property was constructed in 1988 and renovated in 2014. It last traded in 2015 for $66 million, according to Real Capital Analytics.
Criss-crossing the country, FPA has made a handful of acquisitions in recent months. Earlier in April it purchased the 539-unit Éilan Luxury Residences in San Antonio, which had recently been assessed at $102 million, in one of the largest acquisitions by an out-of-state investor, according to local media.
FPA has also recently acquired Barclay at Dunwoody, a 204-unit apartment community located in Dunwoody, Ga., for $29.3 million in a deal repped by Cushman & Wakefield.
In another transaction in Minneapolis, FPA purchased two student housing properties for $27.4 million.
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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.
