29th Street Capital Acquires Multifamily Community in Alexandria, Virginia for $82M
ALEXANDRIA, VA. — 29th Street Capital (29SC) has acquired The Shelby, a 240-unit luxury apartment community in Alexandria near the Potomac River, for $82 million. The seller was not disclosed. Drew White and Carter Wood of Berkadia brokered the sale, and Mitch Sinberg, Brad Williamson and Wes Moczul of Berkadia arranged acquisition financing on behalf of Chicago-based 29SC.
Built in 2014, The Shelby offers one- and two-bedroom floorplans with a unit size range of 573 to 1,263 square feet. The units feature in-unit washers and dryers, granite countertops, stainless steel appliances, hardwood floors and kitchen islands. Community amenities include 24/7 maintenance, a pool table, dog washing station, dog park, outdoor gas grilling station, bike storage, swimming pool and an electric car charging station.
Located at 6200 N Kings Highway, The Shelby is about 1.4 miles from the Huntington Metrorail Station, 11.4 miles from Washington, D.C. and 5.8 miles from Ronald Reagan Washington National Airport.
29SC plans to make select interior and exterior upgrades to the property. 29SC’s in-house property management company, Haven Residential, will oversee management and leasing.