Van Metre Buys Montgomery County Apartment Building For $37M
Van Metre Cos. finished off 2019 by making two Mid-Atlantic apartment acquisitions totaling more than $80M.
The Fairfax-based firm in December acquired The George, a 194-unit apartment building in Wheaton for $37M, Van Metre Vice President of Acquisitions and Business Development Courtney Alford tells Bisnow.
It also last month acquired The Marque at Heritage Hunt, a 200-unit building in Gainesville, Virginia, for $44M.
The company acquired The George as part of a joint venture partnership with Virginia-based RPI, Alford said, and it received an acquisition loan from Principal Real Estate Investors. The seller in the deal was LaSalle Investment Management.
The 12-story building at 11141 Georgia Ave. sits one block south of the Wheaton Metro station. It was formerly an office building, and Lowe Enterprises in 2014 converted it into apartments.
"Being located less than a block from Metro on Georgia Avenue in an emerging neighborhood with a lack of new competition is nice," Alford said. "And we felt like the cost per door of $190K for Class-A product was somewhat of a unique situation, so we went for it."
The amenities at The George include a fitness center, a pet wash station, a rooftop lounge and a package concierge. The building has units ranging from studios to two-bedroom apartments.
Van Metre, a residential development company founded in 1955, owns properties throughout the D.C. region. It is particularly active in Loudoun County, where it last year received approval to add 843 new units to its Broadlands community.
