Continental Realty Corp. Sells Alexandria, VA Multifamily Asset
The firm disposed of the 189-unit community for $50M after originally acquiring the asset for $23M in 2011.
ALEXANDRIA, VA – Washington D.C.-based real estate investment and management firm Willow Creek Partners has acquired a 189-unit multifamily community in Alexandria, VA for $50.1 million from Baltimore-based, real estate investment and management company Continental Realty Corp.
The acquired asset, 101 N. Ripley Apartments, offers one-, two- and three-bedroom units. It is located near the intersection of Rte. 236 and Rte. 401, near Old Town, VA and less than 10 minutes from Washington D.C.
In 2011, the asset, formerly known as Parkwood Court, was acquired on behalf of CRC Fund III General Partner LLC for $23 million, equating to $121,000 per unit. The firm sold the asset for a purchase price that equates to $265,000 per unit.
Several years after acquiring the asset, CRC implemented an improvement program at the property, which consisted of installing new windows and sliding patio doors, renovating common-area hallways and laundry rooms, and converting an under-utilized pool into a 45-space parking lot.
“Our team executed a great, value-add strategy at Ripley,” states JM Schapiro, CEO of Continental Realty Corp. “We repositioned the asset into a high-quality, yet affordable housing option within a growing submarket. Our team elevated many of property’s physical elements and improved the resident experience with modern property management tools and a customer-first approach. 101 North Ripley serves as another great example of CRC’s team adding value for both the resident and the investor.”
The northern Virginia region has experienced an influx of high-profile development projects in recent years, including Amazon’s HQ2 which is expected to bring 25,000 new jobs to the area in the near future. Additionally, Landmark Mall is set to be transformed into a 51-acre, state-of-the-art medical campus, which will include townhomes, senior living facilities, retail space and a new transit hub.
CBRE’s Bill Roohan, Robert Dean and Jonathan Greenberg led the representation of CRC in the transaction.