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Alexandria Apartment Property Trades for $145M

Multifamily real estate investment trust UDR has divested from DelRay Tower, a 332-unit multifamily property in Alexandria. The sales price was $145 million.

Located at 3110 Mount Vernon Ave., the property is less than a mile from Potomax Yard, where Virginia Tech is building a new innovation campus. The property was redeveloped in 2013 with work that increased the unit count from 187 to 332. The community features ground-floor retail and amenities that include a fitness center, business center and a clubhouse. Rents range from $1406 for a studio to $2,897 for a two-bedroom unit.

The buyer was an affiliate of Arlington-based family real estate firm Caruthers Properties, which acquired the property in an off-market transaction.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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