AREA Property Partners buys apartment community in Alexandria for $40.8 million
- September 19, 2011
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.