UDR Sells Alexandria Apartment Building For $145M
Multifamily real estate investment trust UDR has sold an Alexandria apartment complex to a local family real estate firm.
Denver-based UDR announced in its Q3 earnings release last week it sold the 332-unit DelRay Tower property in October for $145M. Property data platform Reonomy shows the property sold Oct. 1 to an affiliate of Caruthers Properties.
Caruthers, in a statement provided to Bisnow, said it acquired it along with unnamed partners in an off-market transaction.
“Delray Tower is an award-winning property celebrated for its design and architecture in a stable and growing sub-market of Alexandria," A Caruthers spokesperson wrote in the statement. "With proximity to National Landing and its iconic position in the neighborhood, we believe this asset is an ideal addition to our Northern Virginia portfolio.”
The deal penciled out to $437K/SF, a higher-than-average price for the region this year. The average price for mid-rise and high-rise Class-A apartment sales in the D.C. area through Sept. 30 was $387K/unit, according to Delta Associates.
Caruthers Properties, an Arlington-based family real estate business founded in 1949, was half of the partnership that sold Alexandria's Southern Towers complex for $506M in August, one of the region's largest-ever multifamily sales. Caruthers also acquired an Arlington apartment building for $108M in August.
The DelRay Tower property at 3110 Mount Vernon Ave. is less than a mile west of Potomac Yard, where Virginia Tech is building its new innovation campus. UDR completed a major overhaul of the building in 2013 that increased the unit count from 187 to 332.
The property features ground-floor retail including a Streets Market & Café. The apartments, managed by Greystar, offer amenities including a rooftop penthouse, a clubhouse, a business center and a fitness center. Rents for the available units range from $1,406 for a studio to $2,897 for a two-bedroom.
