Alexandria Multifamily Property Changes Hands For Nearly $242k Per Unit
A 290-unit multifamily property in Alexandria is in the hands of new owners, who had to pony up $242k per unit to make it happen.
San Francisco-based Friedkin Realty has purchased the Beacon of Groveton from Georgia-based Wood Partners for $70.2M. M&T Bank provided roughly $56M in financing for the acquisition, GlobeSt reports.
The Beacon of Groveton, a five-story building with 10k SF of retail, is at 6870 Richmond Hwy. The property delivered in 2012, and offers units ranging from studios to three-bedrooms. Residents enjoy a wide range of amenities, including complimentary shuttle service to Huntington Metro, an outdoor wet lounge, a 24-hour fitness center and complimentary WiFi throughout.
Friedkin has made a series of multifamily acquisitions in the area in recent years, including the purchase of the River Oaks Apartments in Woodbridge for $63.8M in 2014, and its recent purchase of Owings Park in the Baltimore suburb of Owings Mills for $34M. Wood Partners remains active in the region as well, with plans for a 275-unit apartment building in College Park in the works. [GS]
