Marcus & Millichap Closes Arlington Sale

The five-building, 40-unit asset located just north of Interstate 66 will provide affordable housing to the area.
Westover Apartments, Arlington, Va.

Westover Apartments, Arlington, Va.

WashingtonMarcus & Millichap announced the sale of Westover Apartments, a five-building, 40-unit portfolio in Arlington, Va. The asset commanded $8.6 million, or $215,000 per unit.

Investment specialist Dawson Rinder and First Vice President Christopher Chadwick, both of Marcus & Millichap’s D.C. office, marketed the sale on behalf of the seller, a private investor who purchased the property in 1997. Rinder and Chadwick also secured the buyer, the Arlington Partnership for Affordable Housing, a government non-profit organization.

The deal is part of an eight-asset acquisition plan that is meant to add to APAH’s portfolio of roughly 1,300 units. According to the organization, the properties will provide affordable housing for at least 60 years.

“Market fundamentals in Arlington are extremely strong, with rent increasing year over year,” Rinder said in prepared remarks. “There have been large developments in this neighborhood, replacing old apartments with luxury townhomes, and as such, property values have skyrocketed and affordable housing has been depleted,” he concluded.

Image courtesy of Marcus & Millichap