AREA Property Partners buys apartment project in Alexandria
- February 28, 2012
New York-based AREA Property Partners said Tuesday that it has acquired EOS 21, a 1,180-unit apartment community in Alexandria. The company did not disclose the seller or the value of the transaction. AREA selected Bethesda-based Ross Management Services, an affiliate of the Ross Cos., to manage the property.
“We are pleased to continue expanding our presence in the Washington, D.C., metro area,” James H. Simmons III, an AREA partner said in a statement. “This transaction represents an attractive opportunity to invest in a well-located property with excellent proximity to the Van Dorn Metro and to provide high-quality work-force housing in one of Washington, D.C.’s strongest submarkets for multifamily housing.”
The property is located inside the Beltway with direct access to the I-395 corridor. It offers residents free shuttle service to the Van Dorn Metro station, less than one mile away. Another strong marketing point is an on-site daycare center and other amenities such as a convenience store, swimming pools, tennis courts, a fitness center, business center and library. The property offers studio, one- and two-bedroom apartments. AREA said it plans to make improvements to the property including common area upgrades and unit renovations. Ross Management Services also manages two other recent AREA acquisitions: Spring Park Apartments in Silver Spring, Md., and Heritage at Old Town in Alexandria.