McDowell Acquires DC-Area Apartment Community
- Oct 09, 2017
McDowell Properties acquired a 136-unit apartment community from Carmel Partners, in Alexandria, Va. Known as Carmel Alexandria, the eight-story building was completed in 2009 and underwent multiple capital projects since then, maintaining it at Class-A standards. CBRE’s Bill Roohan, Mike Muldowney, Bob Dean, Jonathan Greenberg, Yalda Ghamarian and Tom Leachman represented the seller, Carmel Partners, in the transaction. Recently, CBRE also brokered the sale of an apartment community in Phoenix, which traded for $8.3 million.
Carmel Alexandria is located at 6100 Lincolnia Road. It offers a mix of one- and two-bedroom units, averaging 1,015 square feet. Common area amenities include a fitness center with spa, a business center, swimming pool and covered parking. The community is 10 minutes from downtown Washington, D.C., while interstates 395 and 495 provide access outside the D.C. metro area. Several major employers are near the apartment community, such as the Department of Defense, Inova Alexandria Hospital, The Pentagon and MGM Grand Casino at National Harbor. Its location also facilitates access to multiple shopping and dining options, like the Plaza at Landmark shopping mall, which is a 10-minute walk away.
“Carmel Alexandria represented an opportunity to invest in a strong multifamily market inside the beltway. McDowell Properties acquired a great investment, given the direct impact federal funding has had on the Landmark-West Alexandria area, fueling economic, job, and income growth. Given that the greater Landmark market has stabilized and is now insulated from new supply, there is value-add potential for new ownership,” said Bob Dean, senior vice president at CBRE, in a prepared statement.
Image courtesy of CBRE