Apartment projects draw buyers in Virginia
The Washington Business Journal reports that Foulger-Pratt Cos. has purchased the Hunting Terrace apartments in Old Town Alexandria for $22.6 million. That’s about $196,500 per unit for a 70-year-old affordable housing community that it wants to expand.
Company executives told the Business Journal that they plan to seek a rezoning for the 6.8-acre community that would allow higher-density, possibly doubling its current size to as many as 600 units.
Foulger-Pratt, based out of Rockville, Md., is looking to expand its footprint in Northern Virginia and Washington, D.C., because those areas are seeing job creation.
In another apartment sale,The Daily Progress in Charlottesville reports that Autumn Hill Apartments, a 425-unit property in Albemarle County, sold to Florida-based Elco Landmark Residential as part of a $95.4 million transaction that included four properties. Elco plans to upgrade Autumn Hill, which was built in 1980.