Washington Property Company acquires The Mark Apartments in Alexandria 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. Jimmy Conley and Drake Greer of JLL represented WPC in securing funding.
“This is WPC’s first acquisition of an existing multi-family property,” said Quinn Rounsaville, senior vice president of acquisitions for WPC. “We have long been committed to multi-family as an asset class in our portfolio, and this acquisition offers an opportunity for growth. We believe that with Amazon HQ2, the Virginia Tech innovation campus, the Landmark Mall redevelopment, and the favorable political climate for business in Virginia, the Alexandria submarket is poised to experience tremendous growth over the course of over the next five to ten years.
Apartments at Mark’s range from 530 square foot studios to 1,320 square foot three bedroom homes, some with private terraces or balconies. WPC plans to complete the ongoing renovation program, improving the finishes and features of the apartments. WPC also plans to modernize the building systems and common areas.
Built in 1965 and substantially 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 Van Dorn metro station and four metro stops from Amazon’s HQ2. Just half a mile from the property is the Landmark Mall redevelopment, which is slated to include 4.2 million square feet of mixed-use development anchored by a new $ 1 billion Inova Alexandria hospital, delivered as early as 2025.
Residents of The Mark enjoy a wide range of amenities, including an outdoor pool with sundeck, outdoor lounge and deck, grill patio and fire pit, as well as a state-of-the-art fitness center with a studio private fitness. The lobby has a coffee bar and public transport screen. There is a large club room with dining area, large bar and games room. There is also a 24-hour dry cleaning and laundry service on site, as well as a business center with flexible home workstations.
Listen to the new organ at Christ Church on Christmas Eve
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