The Riverside Apartments, an apartment community in Alexandria, was recently purchased by Washington REIT for $244.8 million.
There are currently 1,222 units in the community. The site is approximately 28 acres with three 15-story concrete buildings. Features include an outdoor theater, a two story fitness center with an exercise studio, outdoor pool with lap pool, and clubhouse.
The apartments currently have a 98 percent occupancy rate and are a half mile from the Metro in the center of the Huntington Metro market. This is the North end of the Fort Belvoir-Carlyle employment corridor which has become a popular area for employment. MGM National Harbor and the National Science Foundation plan to create new opportunities for employment close to the property within the next year and a half.
According to the President and Chief Executive Officer of Washington REIT, Paul T. McDermott, this acquisition came after a great deal of research done in the market and is in line with the company’s purchase of multi-family units in urban areas that have a strong potential of income growth for the company.
He added that Washington REIT plans to renovate 850 units and potentially to develop more units on the site. Companies like these often benefit from the assistance of a local printing company to promote their units.
Location
2165 Jamieson Avenue
Alexandria, VA 22314
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Hours
Mon: 8:30 - 5:30
Tue: 8:30 - 5:30
Wed: 8:30 - 5:30
Thu: 8:30 - 5:30
Fri: 8:30 - 5:30
Sat: Closed
Sun: Closed