Mark Apartment Tower in Alexandria sells for $52.7 million
ALEXANDRIA, VA – Washington Property Company (WPC) has acquired The Mark, a 227-unit apartment tower in Alexandria, Virginia, for $52.7 million.
The seller, a subsidiary of Northpoint Realty Partners, was represented by Brian Crivella, Walter Coker and Bill Gribbin, who recently joined Berkadia. JLL’s Jimmy Conley and Drake Greer represented WPC in securing financing.
“This is WPC’s first acquisition of an existing multi-family property,” said Quinn Rounsaville, senior vice president of acquisitions for WPC. “We have a long-standing commitment to multifamily as an asset class in our portfolio, and this acquisition provides an opportunity for growth. We believe that with Amazon HQ2, Virginia Tech’s Innovation Campus, Landmark Mall redevelopment, and Virginia’s business-friendly political climate, the Alexandria submarket is poised for tremendous growth over the the next five to ten years.
The Mark’s apartments range from 530-square-foot studios to 1,320-square-foot three-bedroom homes, some with private patios or balconies. WPC plans to complete the ongoing renovation program, improving the finishes and features of the apartments. WPC also plans to upgrade building systems and common areas.
Built in 1965 and extensively renovated, The Mark is located at 100 South Reynolds Street in Alexandria between I-495 and Duke Street, close to downtown Washington, DC, Ronald Reagan Washington National Airport and the plethora of shops and restaurants in Old Town Alexandria. . It is just 2.2 km from the Van Dorn metro station and four metro stops from Amazon HQ2. Just half a mile from the property is the Landmark Mall redevelopment, which is expected to include 4.2 million square feet of mixed-use development anchored by a new, billion-dollar Inova Alexandria Hospital, delivered as early as 2025.
Residents of The Mark enjoy a wide range of amenities, including an outdoor swimming pool with sundeck, outdoor lounge and terrace, patio with BBQ and fire pit, and a state-of-the-art fitness center with a studio private fitness. The lobby has a coffee bar and a transit screen. There is a large club room with dining area, extensive bar and games room. There is also 24-hour dry cleaning and laundry service on-site, as well as a business center with flexible work stations from home.
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