ALEXANDRIA, VA. – Privately held real estate investment firm 29th Street Capital (29SC) has acquired a luxury apartment community in Alexandria, Virginia for $82 million. The purchase of The Shelby marks the firm’s first acquisition in the Washington D.C. Metro area.
Built in 2014, The Shelby is a 240-unit Class A property that offers its tenants high quality interiors, community spaces and amenities. The Shelby is a short walk from the Huntington Metrorail station providing Yellow Line service to Old Town Alexandria, National Landing and into Washington D.C. 29SC will make select interior and exterior upgrades to position the property.
29SC’s in-house property management company, Haven Residential, will oversee management and leasing.
Alexandria was voted #4 Best Small Cities in the U.S (Conde Nast), #2 Most Educated City (Forbes) and one of the Top 10 Best Cities in America for Young Professionals (Niche). The neighborhood is experiencing growth through its retailers, restaurants, and the opening of an adjacent grocer in 2022.
“This investment provides a unique opportunity for us to own a high-quality metro-served asset in a growing area of Alexandria,” said Brian Berry, Senior VP of Acquisitions for 29SC. “The Shelby is known for its quality interior finishes and amenities, which we will enhance going forward.”
Drew White and Carter Wood at Berkadia were the investment agents on the transaction, and Mitch Sinberg, Brad Williamson, and Wes Moczul at Berkadia arranged mortgage financing for 29SC.
“The Shelby is home to over 100 original pieces of local art, making it stand out among the competitive set for renters,” said Drew White, Senior Managing Director at Berkadia. “This distinction drives demand and results in higher occupancy than the submarket average.”
The D.C. Metro Area is the sixth-largest metropolitan economy in the United States with 15 fortune 500 headquarter locations within its boundaries. Fairfax County is the third wealthiest county in the United States, providing excellent resident demographics. The population of the D.C. Metro area increased by 19% since 2010 and is projected to grow 7% by 2026. Amazon – which is less than 15 minutes from The Shelby in National Landing, is growing its presence in the region with the construction of over four million square feet of prime office space with plans to add over 25,000 new high-income jobs by 2032. In the coming years there will be a growing demographic of researchers, technology specialists and entrepreneurs.
In the last year, 29SC has acquired over 22 multifamily assets across the United States that contain over 5,000 units. The firm continues to actively pursue new opportunities.
Formed in 2009, 29th Street Capital is a privately held real estate investment firm with 17 offices nationwide. Its current portfolio consists of more than 17,000 existing units and a development pipeline of over 3,500 units. Learn more about 29SC at www.29thstreetcapital.com.
