Lincoln Property Co. Acquires 400-Unit Alexandria Apartment Building
A 16-story apartment building in Alexandria has just traded hands.
Lincoln Property Co. acquired the 403-unit Meridian at Carlyle from Paradigm Development, which built the project in 2000.
HFF's Steven Klein and Cary Abod arranged a $95.5M acquisition loan for LPC, provided by MetLife Investment Management. Cushman & Wakefield's Jorge Rosa and Paul Collins represented the seller. The property sold for $148M, Paradigm's Charlie Whitley said.
The property at 401 Holland Lane sits one block from a Whole Foods Market and is about a half-mile from the King Street Metro station. The building's units average 779 SF and it features amenities such as a swimming pool, a barbecue area, a putting green, a fitness center, a clubroom and on-site dry cleaning.
Paradigm owns several Meridian-branded apartment buildings in the D.C. area from Gallery Place to Grosvenor to Ballston. Upon acquiring the Meridian at Carlyle, LPC plans to renovate and rebrand the property.
"The soon-to-be 'Lincoln at Old Town' represents an opportunity to reposition a high-rise multifamily community in an attractive, transit-oriented location with the ability to create value through the execution of interior unit renovations and common area amenity upgrades," Lincoln Property Mid-Atlantic Executive Vice President Jarl Bliss said in a release.
UPDATE, MAY 14, 3:25 P.M. ET: This story has been updated to include the sale price and the brokers who represented the seller.
