Brookfield Properties Acquires Alexandria Apartments In $136M Deal
California-based Passco Cos. sold The Parker at Huntington to Brookfield in a $136M deal in March, according to Fairfax County property records. The property at 2550 Huntington Ave. sits just across the bridge from Alexandria city limits.
Passco previously acquired the building for $116M from MRP Realty and AEW Capital Management in 2017, property records show.
The 360-unit, two-building property is 96% leased, according to a Securities and Exchange Commission filing from Brookfield earlier this week that revealed the $136M acquisition. The firm didn't respond to a request for comment.
The building delivered in 2015, according to MRP. It includes a mix of studios and one- and two-bedroom units.
Investors' appetite for multifamily properties in Northern Virginia has been growing. Apartment absorption for Class-A apartments in the area was up 12% last quarter compared to the first quarter of 2021, according to research from Delta Associates.
Rents are also up in Northern Virginia: The average annual rent for Class-A high-rises was up 19.3% from the previous year and up 13.7% for low-rises, according to Delta.
Earlier this week, Atlanta-based investment firm Cortland announced it was moving into the market, spending $1B on four multifamily properties in Arlington. Two of those deals, one each in Rosslyn and Pentagon City, have closed, and two are still pending.