NoVa Community Trades for $10M

The previous owner of the 66-unit property invested about $1 million in renovations prior to the sale.
Parc Square Apartments in Alexandria, Va.

Parc Square Apartments in Alexandria, Va.

Washington—Greysteel recently announced that it has closed the sale of Parc Square Apartments, a 66-unit multifamily property located in Alexandria, Va., roughly 6 miles south of downtown D.C. The asset traded for $10.1 million.

The transaction was arranged by Greysteel’s Ari Firoozabadi, Kyle Tangney, Rawles Wilcox, Alicia Orkisz and Herbert Schwat, all based in the company’s D.C. office.

Located at 602-604 Notabene Drive, Parc Square is composed of four fully renovated garden-style buildings completed in 1940. The one-bedroom and one-bedroom with den units feature laminate flooring, walk-in closets, dishwashers, disposals and open floor plans.

The community offers quick access through Interstate 395 and the Jefferson Davis Highway, also being within walking distance of three metro stations. The Pentagon, Ronald Reagan National Airport and Potomac Yard Center are also situated nearby.

“The seller invested a million dollars in a comprehensive rehab, completely renovating all units and addressing all major capital items,” said Tangney in a prepared statement. “Parc Square is positioned for immediate returns in one of Alexandria’s most transformative submarkets.”

Image courtesy of Greysteel