Transwestern Named Exclusive Sales Agent For 344-Unit, Value-Add Multifamily Community
Transwestern’s Bethesda, Md.-based Mid-Atlantic Multifamily Group today announced it has been named the exclusive sales agent for Virginia Village, a 344-unit institutionally-maintained, “value-add” apartment community located inside the Capital Beltway along the Interstate 395 corridor in Alexandria, Va.
The property benefits from its excellent location and proximity to major roadway arteries, including Interstates 395, 495, 95 and 66. These roadways provide superior connectivity to the new Department of Defense BRAC-133 Mark Center, The Pentagon, U.S. Patent and Trademark Office and downtown Washington, D.C., as well as direct access to major employment destinations like Tysons Corner, Reston/Herndon, the Rosslyn-Ballston Corridor and Bethesda.
Virginia Village consists of 25 residential buildings and offers 1,005-square-foot floor plans, well above average size. Consisting of three- and four-story garden-style walk-ups, the property has been institutionally maintained for many years with significant high-cost capital preservation programs. The amenity package includes a new clubhouse with leasing and fitness centers, a swimming pool with sundeck, a playground, an outdoor barbeque grill and picnic area and an on-site MetroBus stop.
The property is well-positioned for significant rent growth and offers a rare opportunity to add value through interior renovations with premiums provided in an expanding Washington, D.C. economy.
According to the 2013 First Quarter Apartment Report published by Transwestern’s research affiliate, Delta Associates, the Washington metro-area apartment market continues to be one of the top performing apartment markets in the country. Supported by a strong regional economy, the market has one of the lowest vacancy rates in the nation, at 4.7 percent for investment-grade, Class A and B apartments.
Delta Associates, in consultation with Dr. Stephen Fuller of George Mason University, estimates that 48,100 payroll jobs will be added to the Washington metro-area economy each year from 2013 to 2017, with the majority of these jobs being located in Northern Virginia. In addition, as the Washington metro area continues to add jobs, it will support a steady Class B apartment market in Northern Virginia, which has experienced a long-term average effective rent increase of 4.1 percent since 2008.
ABOUT MID-ATLANTIC MULTIFAMILY GROUP
With offices serving the Washington, D.C. region, Baltimore, Northern Virginia and the Tidewater, Virginia region, Transwestern’s Mid-Atlantic Multifamily Group is the only fully-integrated, collaborative multifamily brokerage team serving the entire Mid-Atlantic region. Recent assignments include transactions with Home Properties, JP Morgan, Federal Capital Partners, Angelo Gordon, Equity Residential, and i-star Financial. For more information on the Multifamily Group, please visit www.twMidAtlanticMultifamily.com.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 33 U.S. offices and assists clients through more than 180 offices in 36 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit www.transwestern.net and follow us on Twitter: @Transwestern.