Southern Management Acquires Suburban DC Apartments
The deal expands the firm’s footprint in the Washington-Baltimore area.
Southern Management Cos. has acquired The Shelby Apartments in Alexandria, Va., a suburb of Washington, D.C., for an unspecified price. 29th Street Capital bought the property, which was developed in 2014, for $82 million in 2021, according to Yardi Matrix data. The asset also traded hands in 2016 for $69.5 million.
The property is a 240-unit mid-rise community, offering one- and two-bedroom units. The Shelby is currently 95 percent occupied, the same source reports.
Common-area amenities include a fitness center, pet-friendly grounds and dedicated pet-care facilities. A clubhouse, resort-style swimming pool, and outdoor grilling areas provide space for recreation and gatherings.
The Shelby is part of the revitalized Penn Daw area of Alexandria near the intersection of Richmond Highway and North Kings Highway in Fairfax County. The property is also near I-495 and the Huntington Metro Station on the Yellow Line, as well as Old Town Alexandria and its shopping, dining and entertainment options.
The deal expands Southern Management’s holdings in the Washington-Baltimore metro, where it owns and manages 79 apartment communities totaling more than 25,000 units. The company also owns commercial properties in Maryland, including three hotels and conference centers, along with a ski resort and conference center in Macungie, Pa.
DC multifamily investment still brisk
Investors are keen to acquire metro D.C. multifamily assets. Year-to-date through May 2026, transaction volume in the sector reached $1.2 billion, well exceeding the $866 million that traded during the same period in 2025, according to Yardi Matrix data.
In July, investment firm GID bought The Commodore, the tallest multifamily tower in Arlington, Va., from Greystar. The 423-unit luxury property traded for $215.8 million.
In May, the NHP Foundation closed on the acquisition of Hadley Germantown, a 218-unit affordable housing community in Germantown, Md., a far suburb of Washington, D.C. The property sold for about $53.7 million.
Developers are also adding to local stock, Yardi Matrix reports. During the first five months of 2026, 4,101 units came online in the market. Development activity remains elevated, with more than 21,000 units under construction.
