WASHINGTON, DC - CBRE has announced the sale of Carmel Alexandria, a 136-unit “Class A” apartment building located at 6100 Lincolnia Road in Alexandria, Virginia. McDowell Properties purchased the multifamily community from Carmel Partners, expanding its portfolio and presence in the Washington, D.C. region.
“Carmel Alexandria represented an opportunity to invest in an strong multi-family market inside the beltway,” said Bob Dean, Senior Vice President at CBRE. “McDowell Properties acquired a great investment given the direct impact federal spending has had on the Landmark-West Alexandria area, fueling economic, job and income growth.
One of the property’s distinct differentiators is the unit sizes, which is among the largest in this submarket, with units averaging 1,015 SF. In addition, Carmel Alexandria is positioned to attract a highly-affluent demographic due in part to the institutional quality and condiumnium-grade construction.
Over time, the property has undergone numerous capital projects to maintain the asset’s luxury quality, reducing the need for future expenditures upon purchase.
“Given that the greater Landmark market has stabilized and is now insulated from new supply, there is value-add potential for new ownership to achieve proven rent premiums through a continuation of upgrades to the remaining units,” said Dean.
A 10-minute drive from downtown Washington, D.C., Carmel Alexandria offers residents seamless access throughout the metro area. Highly visible to I-395, the property is strategically positioned in proximity to several major employment hubs including the Department of Defense Mark Center campus, Inova Alexandria Hospital, The Pentagon and MGM Grand Casino at National Harbor.
The CBRE Washington, D.C. Multifamily Investment Properties Team of Bill Roohan, Mike Muldowney, Bob Dean, Jonathan Greenberg, Yalda Ghamarian and Tom Leachman represented the buyer in the transaction.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com