We’ve invested roughly $10.25 million in The Mark Apartments, a 227-unit apartment community located just south of Washington, DC in Alexandria, Virginia.
Business plan
The property operated as a hotel until 2015, when the current owner purchased it and began converting it to an apartment building. They have been renovating the units one-by-one as they vacate, and to date, 100 of the 227 units have been updated. In addition to improvements on the individual apartments, an impressive set of common area amenities have just been completed, including an expansive pool terrace and a state-of-the-art fitness center.
Our investment is expected to provide the necessary capital to finish renovating the remaining 127 units.
Why we invested
- Experienced local partner: The property manager, Northpoint Realty Partners, is a Maryland-based real estate firm specializing in development, investment, and construction. Northpoint has developed 5,500 multifamily units and has deployed $900 million in the multifamily space.
- Great location: A close-in suburb of Washington, Alexandria benefits from an educated population and salaries well above the national average. The property is located within two miles of I-395 and the Capital Beltway, two major highways, as well as the Van Dorn Station on the Washington Metro’s Blue Line.
