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| The Parker Apartments, Fairfax County, Alexandria, VA |
Alexandria, VA – Passco
Companies, a privately-held California based real estate company that
specializes in the investment, acquisition, development and management of
commercial properties throughout the U.S., has acquired The Parker, a 360-unit multifamily community built in 2016 in
Fairfax County, Alexandria, Virginia, a region experiencing exceptional job
growth.
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| Gary Goodman |
“Fairfax County, and the
city of Alexandria, both provide ideal multifamily market fundamentals,” says Gary Goodman, Senior Vice President of
Acquisitions at Passco.
“The region features a combination of strong job growth, low vacancy rate, high-wage earning population, and a minimal supply of competing multifamily assets. These are the key demand drivers we look for with any new acquisition.”
“The region features a combination of strong job growth, low vacancy rate, high-wage earning population, and a minimal supply of competing multifamily assets. These are the key demand drivers we look for with any new acquisition.”
Goodman explains that
Forbes Magazine, recently ranked Fairfax County, as the third wealthiest county
in the nation.
“These first-class
demographics of the region indicate the future economic growth of the area and
position The Parker to benefit for the long term,” says Goodman
The apartment community is located at 2550 Huntington Avenue, Alexandria, Virginia. David Nachison of Eastdil Secured represented the seller, a joint partnership between AEW Capital Management, on behalf of one of its closed-end funds, and MRP Realty, and Passco Companies as the buyer in this transaction.
Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.
According to Goodman,
Alexandria’s unemployment rate of 3.5 percent, coupled with new workplace
facilities under construction for expanding companies, translates to an
increasing population for the submarket, which will increase demand for
multifamily product.
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| David Nachison |
The Parker is strategically located at the Huntington Metro Station, offering direct connectivity to employment centers throughout North Virginia and Washington, D.C. Downtown Washington D.C., encompassing 152 million square feet of office space, is eight metro stops north of the asset.
The Parker is also a
10-minute walk from the Patent & Trademark Office (PTO), which employs
12,600 people. In addition, the National Science Foundation (NSF) recently
moved to the neighborhood, bringing an estimated 2,400 new employees to the
area.
“The asset’s proximity to transportation and
major employment hubs makes it easy for residents to commute to and from work
and ensures the community’s long-term demand,” adds Goodman.
“Based on its unparalleled
location and the lack of competition, The Parker is ideally positioned to
increase in value based on the growing demand for multifamily residences in the
area,” adds Goodman.
According to Goodman, at
the time The Parker was purchased, the asset was 92-percent occupied.
The Parker features luxury
multifamily amenities including two landscaped courtyards complete with gas
grills and outdoor TVs, a resort style swimming pool and sundeck, a virtual
sport simulation room, a 24-hour fitness center, a bike trail and outdoor
fitness station, and a dog park and washing station, among others.
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| Chris Black |
“The Washington D.C. metro
is a region that is well-aligned with our ongoing strategy to acquire quality
assets in strong growth markets,” says Goodman. “We continue to find
significant value here and plan to acquire more properties throughout the
region in the coming months.”
For more information on this press release, please
contact:
Lauren Burgos or Lexi
Astfalk
Brower, Miller & Cole
(949) 955-7940
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