Northpoint Realty Partners buys land in Alexandria for $5.6 million
Northpoint Realty Partners has acquired 6.3 acres of land in Alexandria for $5.6 million. The Bethesda, Md.-based real-estate development firm said it plans to invest another $2 million in the land at Huntington Crossing – adjacent to the Huntington Avenue Metro — so it can develop the tract into a mix of townhomes and a five-story condominium.
“Huntington Crossing provided Northpoint with the opportunity to purchase an attractive land investment with excellent demographics adjacent to the Huntington Avenue Metro with outstanding access to I-495, Hoffman Town Center with the new Wegmans and Old Town Alexandria,” Tim Riordan, acquisitions and investments partner, Northpoint Realty Partners, said in a statement.
Huntington Crossing represents Northpoint’s second transaction with the land’s seller, the Hoffman Co. Northpoint said the project should be completed by the 4th quarter of 2019.
Newmark Knight Frank’s Brendan Owen, Dan Lockard and Mark Anstine represented the Hoffman Co. in the transaction.