AREA Property Partners, an affiliate of Florida-based Priderock Capital Partners, has purchased Heritage at Old Town in Alexandria for $40.8 million. The 244-unit apartment community, built in 1978, recently underwent $1.5 million in renovations. Jones Lang LaSalle’s mid-Atlantic multifamily team closed the sale. Leading the team were managing directors Al Cissel and Scott Melnick and senior vice president Christine Espenshade.
“Heritage at Old Town is well positioned in the market with a stellar location, rising rents and continued upside potential due to the strong demand and limited supply for close-in locations in Old Town Alexandria,” Melnick said in a statement. The complex, which includes garden apartments and one mid-rise building, is located inside the Capital Beltway, directly off the US-1 exit and minutes from Ronald Reagan National Airport.
As a resident of this complex, it can only be hoped that this deal will bring some changes. (And if there are $1.5M in recent renovations anywhere to be seen, all I can say is that someone has a different definition for “recent” than I do.)
The ongoing security problem is serious, regularly resulting in the police being called in the late-night hours because of loud altercations and disturbances, which the present security service seems powerless to prevent. And this is just the tip of the iceberg in this complex that somehow laughably manages to describe itself as “luxury apartments”.
--John Wegter of Alexandria, VA
Oct. 3, 2011 at 04:17 PM