Republic Properties acquires Alexandria, VA apartments for $78m

Crystal Woods of Alexandria, a value-add apartment community in Alexandria, Va. has been sold to Republic Properties in a $78 million deal. Built in 1976, the 344 unit Crystal Woods of Alexandria property was 95 percent leased at the time of the sale. Community amenities include a fitness and business center, clubhouse, 25 laundry facilities and parking for 450 cars. CBRE’s Washington, D.C., Multifamily Investment Properties Team arranged the sale on behalf of the seller, Fieldstone Properties who purchased the asset for $68 million in 2013.

The property is located close to Interstate 395 and numerous D.C. attractions. “We’re seeing tremendous competition for value-add assets located inside the Capital Beltway. Crystal Woods gives new ownership an incredible opportunity to secure one of these coveted properties, execute value-add improvements, and achieve proven rent premiums,” said CBRE’s Senior Vice Presidents Jonathan Greenberg.