Trammell Crow JV Sells Luxury DC-Area Asset
- Aug 02, 2021
Trammell Crow Residential and co-owner Shooshan Co. have sold a 333-unit high-end community, dubbed Alexan Earl, in Arlington, Va. JLL Capital markets worked for the seller in the transaction. The brokerage firm also closed on a 5-year floating-rate acquisition loan on behalf of the new owner through Mesa West Capital.
In 2019, Arlington County originated a $93 million construction loan for the asset, according to Yardi Matrix data. The two-building construction was completed this year.
JLL Senior Managing Director Walter Coker and Brian Crivella collaborated with Directors Robert Jenkins and Bill Gribbin in brokering the sale. The team working on acquisition financing included Senior Directors Michael Cosby and Jimmy Conley, as well as Senior Managing Directors Jamie Leachman and Andy Scott.
New property, growing area
Previously known as Alexan Clarendon, the property is located at 1122 N. Hudson St., next to Wilson, Clarendon and Washington boulevards. The elevator-served buildings includes a mix of studios and one- and two-bedroom floorplans averaging 827 square feet. Six units are designated as affordable.
The property offers 3,396 square feet of retail. The list of amenities includes a heated rooftop pool, a courtyard, two fitness centers, a clubhouse and coworking areas that include private offices.
Alexan Earl is situated in a highly walkable area, just a few hundred feet from the Clarendon metro station. Due to its location, the community offers quick access to multiple employment hubs, including central D.C. and Rosslyn, as well as multiple other Northern Virginia clusters along the Silver Line.
While the metro had its share of pandemic-induced woes, fundamentals are rebounding fast, in line with other large gateway metros. Metro D.C. rents were up 1.7 percent on a month-over-month basis in June, 10 basis points above the U.S. average. At the same time, the metro had 42,545 rental units under construction at the end of the second quarter, second only to Dallas (47,907 units) in the U.S., Yardi Matrix data shows.