MRP Realty Nabs 400-Unit NoVa Community
- Mar 01, 2018
GID Real Estate Investments has sold Windsor at Arbors, a 400-unit residential property located in Alexandria, Va. MRP Realty, along with an institutional partner, purchased the asset in a transaction brokered by Walker & Dunlop Investment Sales LLC (WDIS), expanding its D.C.-area multifamily portfolio. According to Yardi Matrix, the community’s most recent prior sale was in 1996, when the asset traded for $27 million.
The property is situated at 5250 Duke St., near the Holmes Run River and Interstate 395. Its location is roughly 10 miles south of downtown Washington, D.C. The site is surrounded by three large-scale retail centers, which provide numerous shopping, dining and entertainment options. The Van Dorn Street Metro station is less than two miles away.
Windsor at Arbors was built in 1990 and offers 282 one-bedroom and 118 two-bedroom apartments. On-site, shared amenities include:
- fitness center
- business center
- swimming pool
WDIS’ Mid-Atlantic team of Managing Director Chris Doerr and Vice President Will Harveyon represented the seller. Following the deal, Walker & Dunlop’s capital markets group, led by Managing Directors Jamie Butler and Brendan Coleman, arranged financing for the property.
“Ownership has done a tremendous job maintaining Windsor at Arbors in excellent condition, allowing MRP Realty to achieve strong rent premiums through planned unit upgrades,” said Doerr, in prepared remarks. “The value-add space continues to be very competitive, especially for properties located inside (Interstate 495), such as Windsor at Arbors.”
Image courtesy of Walker & Dunlop