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Wednesday, 14 August 2019

Washington REIT Buys Alexandria, Va., Apartments for $70Mln

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Commercial Real Estate Direct Staff Report

Washington REIT has paid $70 million, or $252,708/unit, for the 277-unit Cascade at Landmark Apartments in Alexandria, Va.

The Washington, D.C., company bought the complex from Greystar Real Estate Partners of Charleston, S.C., which had acquired it in 2013 for $68.6 million.

The property, at 300 Yoakum Parkway, opened in 1988 and offers one- and two-bedroom units with stainless-steel appliances, granite countertops, plank flooring, washers and dryers and patios or balconies. It also has a business center, clubhouse, fitness center, tennis court, swimming pool and parking garage. Monthly rents range from $1,546/unit to $3,076/unit.

Cascade at Landmark is off of Interstate 395...

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Alexandria
  • States: Virginia
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Company: Washington REIT
  • Valuation: Between $50 million and $100 million
  • Private: Yes
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Dan Moynihan

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