Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Westover Apartments, a 40-unit, 5 building apartment portfolio located in Arlington, Va., according to Bryn D. Merrey, division manager of the firm’s Mid-Atlantic and Southeast offices. The assets sold for $8,600,000 which represents $215,000 per unit.
Dawson Rinder, an investment specialist, and Christopher Chadwick, first vice president investments, both out of Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a private investor who’s owned the property since 1997. The buyer, a government non-profit, was also secured by Rinder and Chadwick.
The five-building apartment complex, built in the 1940s, is located in the Westover neighborhood of Arlington, Va, just north of Highway 66. The neighborhood, which centers on Washington Boulevard between North McKinley Road and North Longfellow Road, has seen an influx of new development of luxury town and single family homes.
“Market fundamentals in Arlington are extremely strong, with rent increasing year over year,” Rinder said. “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.”
According to Rinder, the investor plans to convert the buildings to replenish the dwindling supply of affordable housing in Arlington’s thriving market.
“The transaction is evidence that Arlington County is working diligently to preserve its affordable housing,” Rinder concluded.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
