This Week's D.C. Deal Sheet: Bonaventure Buys Alexandria Apartments For $50M
A 1950s-era garden apartment community in Alexandria has sold for $49.5M.
Bonaventure Realty Group purchased 258-unit Braddock Lee Apartments, the Alexandria-based firm announced in a press release.
“Our long-standing presence in Alexandria has allowed us to build strong relationships and gain invaluable insights into the needs and preferences of our residents,” Bonaventure Founder and CEO Dwight Dunton said in a statement. “This deep-rooted connection to the community is what drives our commitment to providing exceptional living experiences.”
The seller was Norfolk-based Harbor Group International, according to the Washington Business Journal, which also first reported the price.
Bonaventure funded the acquisition of the four-parcel property just south of where I-395 meets King Street through its Bonaventure Multifamily Income Trust private fund.
The firm, founded in 1999, manages, invests in and develops multifamily communities in the mid-Atlantic and South. It owns nine properties totaling 1,632 units in Northern Virginia.
LEASES
A nonprofit in Tysons has relocated its headquarters just over half a mile away while cutting its footprint in half.
Strategic Capacity inked a 7K SF lease at 8200 Greensboro Drive, Ethos Tenant Co. co-founder Edward Saa, who represented the tenant, told Bisnow. The property is owned by Velocis and Altus Realty.
Strategic Capacity was formerly at 8401 Greensboro Drive where it leased 15K SF. The nonprofit was seeking to reduce its rent spread and have more walkable amenities, a press release from Ethos said. In addition to Saa, Ethos co-founder Timothy Jacobs represented Strategic Capacity.
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One of the D.C. area’s last former Bed Bath & Beyond locations is getting a tenant. Regency Furniture signed a lease for the space at Parkway Crossing East in Prince William County, the Washington Business Journal reported. Regency is closing its existing location at Kimco Realty Corp.’s Gordon Plaza in Woodbridge to be demolished and redeveloped as a 136K SF Home Depot.
MILESTONES
A bar and arcade devoted to Formula One racing opened in Union Market last week. The 17K SF location at 420 Penn St. NE includes 83 Formula 1 racing simulators, a 42-foot bar and private event spaces. F1 Arcade first opened in London at the end of 2022 and there are now others in Birmingham, United Kingdom, and Boston. F1 Arcades in Philadelphia and Las Vegas are set to open in 2025. The company plans to open 30 locations globally across the next five years, according to a press release.
PERSONNEL
Colliers has hired Andrew Renart as executive vice president in commercial brokerage. He comes to Colliers from Cresa, where he was a senior vice president for the last nine and a half years, according to his LinkedIn profile. Renart has expertise in nonprofit, law firm, healthcare, technology sector leasing and transaction management, the brokerage said, with clients including American Public Health Association, United Nations, Consumer Data Industry Association and Land O’Lakes.
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Silver Spring-based affordable housing developer MHP has appointed Stephanie Roodman as its vice president of real estate, it announced this week. Roodman has been with the developer since 2006 and was most recently its director of real estate and legal counsel. Over her more than 25 years in the affordable housing space, she has completed more than 10 projects totaling north of 600 units and exceeding $725M in development costs, the release said.
