The Praedium Group, a New York City-based national real estate investment firm and The Milestone Group, a Dallas-based multifamily real estate investment and management company, formed a joint venture to acquire a 556-unit residential portfolio in Alexandria for $125.5 million.
“This is an attractive acquisition for us, given the portfolio’s location in one of the strongest submarkets in the country with a diverse job base and exceptional growth potential,” Christopher Hughes, principal of The Praedium Group, said in a statement.
The Alexandria portfolio consists of two complexes named Edgeware Lane and Palladium Court, each located across the Kingstowne Village Parkway. Edgeware Lane consists of 424 units in 16 buildings while Palladium Court is comprised of 132 units in five buildings. The portfolio offers one and two-bedroom residences and many feature bonus spaces in the form of dens, lofts and sunrooms. Nearly half of the units have undergone interior renovations to upgrade finishes in the kitchens and living areas. Both communities offer clubhouses and outdoor pools.
The portfolio is located 14 miles outside of Washington, D.C. and within three miles of the Franconia-Springfield and Van Dorn Metro stations, as well as Interstates I-495, I-95, and I-395
Randal W. Howard of Moran & Co. represented the seller in the transaction.
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