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29SC Expands Multifamily Portfolio to VA with $82M Acquisition
29th Street Capital has acquired a luxury apartment community in Alexandria, VA, for $82 million. The purchase of The Shelby marks the firm’s first acquisition in the Washington D.C., metro area.
The Shelby is a 240-unit Class A property walkable the Huntington Metrorail station, which provides service to Old Town Alexandria, National Landing and into Washington D.C.
“This investment provides a unique opportunity for us to own a high-quality metro-served asset in a growing area of Alexandria,” said Brian Berry, SVP of acquisitions for 29SC.
Berkadia served as the investment agent on the transaction and arranged mortgage financing for 29SC.
“The Shelby is home to over 100 original pieces of local art, making it stand out among the competitive set for renters,” said Drew White, senior managing director at Berkadia. “This distinction drives demand and results in higher occupancy than the submarket average.”
- ◦Sale/Acquisition
