Republic Properties Corp. has acquired Crystal Woods of Alexandria, a value-add apartment community in Alexandria, Va., for $78 million. CBRE’s Washington, D.C., Multifamily Investment Properties Team arranged the sale.
Located at 4905 Southland Ave., the 1976-built Crystal Woods of Alexandria comprises 344 units across nine buildings. Floorplans are offered in one-, two- or three-bedrooms ranging from 800 to 1,385 square feet. According to Yardi Matrix, the community is currently at a 94.8 percent occupancy as of May 2018. The last recorded owner was Fieldstone Properties who purchased the asset in 2013 from Home Properties for $68 million. Interior apartment features include private balcony/patios, washer/dryers, granite countertops, cherry or mocha cabinetry, walk-in closets, ceramic tile backsplash, stainless steel appliances, hardwood and ceramic tile flooring, brushed nickel fixtures and lighting, storage space, ceiling fans and central air conditioning. Community amenities include:
CBRE’s Senior Vice Presidents Jonathan Greenberg and Brian Margerum, Vice Chairman Bill Roohan, Senior Associate Yalda Ghamarian and Associate Thomas Leachman handled the transaction.
Crystal Woods is located within close proximity to Interstate 395 and several attractions including the White House, Pentagon, the Department of Defense Mark Center campus, the U.S. Patent & Trademark Office and Inova Alexandria Hospital. The community is within one mile of Landmark Mall, which is scheduled for a redevelopment by the Howard Hughes Corp. in 2020.
ACTIVE DC METRO MARKET
“We’re seeing tremendous competition for value-add assets located inside the Capital Beltway. Crystal Woods gives new ownership an incredible opportunity to secure one of these coveted properties, execute value-add improvements, and achieve proven rent premiums,” said Greenberg in a prepared statement.
Last July, Republic Properties Corp. secured a $100 million construction loan for the development of a multifamily community in downtown Washington, D.C. Dubbed Portals Residential Phase V, the building is set to comprise 373 apartments across 13 floors, as well as 12,400 square feet of amenity space. CapitalSource provided the loan and CBRE’s Capital Markets group handled an additional $70 million mezzanine financing, provided by Parse Capital to the borrower.