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WPC Takes The Mark Apartment Tower in Alexandria for $53M Million
Bethesda, MD-based Washington Property Company has acquired The Mark, a 227-unit multifamily in Alexandria, VA, for $52.7 million.
The seller, an affiliate of Northpoint Realty Partners, was represented by Berkadia. JLL represented WPC in procuring financing.
“This is WPC’s first acquisition of an existing multifamily property,” said Quinn Rounsaville, SVP of acquisitions. “We believe that with Amazon HQ2, Virginia Tech’s Innovation Campus, the redevelopment of Landmark Mall and Virginia’s business-friendly political climate, the Alexandria submarket is poised for tremendous growth over the next five to 10 years.”
The South Reynolds Street property two miles from the Van Dorn Metro station and four Metro stops to Amazon’s HQ2. It is less than one mile from the Landmark Mall redevelopment, expected to comprise 4.2 million square feet of mixed-use.
WPC plans to complete an ongoing renovation program, including upgrades to building systems, units, and common areas.
- ◦Sale/Acquisition
