A 400-unit Alexandria apartment community built in 1991 has just traded hands.
MRP Realty acquired the Windsor at Arbors apartments from GID Real Estate Investments for an undisclosed price.
Walker & Dunlop brokered the deal, with Chris Doerr and Will Harvey representing the seller, and Jamie Butler and Brendan Coleman arranging financing for the buyer.
On the western edge of Alexandria at 5250 Duke St., the property sits just inside the Beltway and less than a mile from Interstate 395. It has several retailers within walking distance on Duke Street, including 7-Eleven, McDonald's, Popeyes, Shooter McGee's and Reynolds Street Bar and Grill.
GID bought the buildings in 1996 for $27M, according to property records. Its latest assessment pegs the property's value around $88M. GID last renovated the community in 2007.
“Ownership has done a tremendous job maintaining Windsor at Arbors in excellent condition, allowing MRP Realty to achieve strong rent premiums through planned unit upgrades," Doerr said in a release. "The value-add space continues to be very competitive, especially for properties located inside the Beltway, such as Windsor at Arbors.”
The deal grows MRP's Alexandria portfolio. The D.C.-based real estate developer and investor already owns The Parker at Huntington Station, a 360-unit apartment building, The Alric, a 323-unit residential building in Potomac Yard, two office properties in Old Town and one near the Eisenhower Metro station.
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