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FPA Multifamily, a San Francisco-based investor with a 25,000-unit portfolio, has made its first acquisition in the D.C. area.
The company bought The Strand of Alexandria, a 394-unit apartment complex, from Azure Partners for $80M, GlobeSt reports.
The two-building property, at 200 Yoakum Parkway, was built in 1998 and renovated in 2014. It has an assessed value of $69M, according to property records, and it last sold for $66M in 2015. It sits near the interchange of Interstate 395 and Duke Street in Alexandria, just south of the Landmark Mall.
FPA owns and manages a 25,000-unit portfolio with a value of $3.5B. The San Francisco-based company has regional offices in Atlanta, Dallas, Denver, Irvine, Minneapolis and Portland. It has recently acquired properties in San Antonio, Atlanta and Minneapolis. The Alexandria acquisition represents its first foray into the mid-Atlantic region.
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