Alexandria apartment complex sells for $68 million
- October 21, 2013
Fieldstone Properties has purchased Virginia Village, a 344-unit garden-style apartment community located inside the Capital Beltway in Alexandria for $68 million, or about $197,674 per unit.
Transwestern’s mid-Atlantic Multifamily Group, based out of Bethesda, Md., represented the seller, Home Properties Inc. “The property garnered tremendous investor interest by both private and institutional capital …” Dean Sigmon, one of the group’s by co-directors, said in a statement.
Virginia Village consists of 25 three-and four-story buildings with floor plans of 1,005 square feet. The amenity package includes a new clubhouse and fitness center, a swimming pool, playground and an on-site MetroBus stop.
According to a third quarter Washington Area Apartment Report published by Transwestern’s research affiliate, Delta Associates, the Washington metro area continues to be one of the best apartment markets in the nation with an average stabilized vacancy rate of 4.1 percent, compared to 4.3 percent nationally.