Privately held real estate investment firm 29th Street Capital (29SC) has entered the Washington, D.C., metro area with the acquisition of The Shelby, a 240-unit luxury apartment community in Alexandria, Virginia, for $82 million.
The Class A property, built in 2015, features high-quality interiors, community spaces, and amenities. It also is located a short walk from the Huntington Metrorail station, providing service to Old Town Alexandria, National Landing, and Washington, D.C.
29SC will make select interior and exterior upgrades to position the asset, and its in-house property management company, Haven Residential, will oversee management and leasing.
“The 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 vice president of acquisitions for 29SC. “The Shelby is known for its quality interior finishes and amenities, which we will enhance going forward.”
Berkadia’s Drew White and Carter Wood were the investment agents on the transaction, with Mitch Sinberg, Brad Williamson, and Wes Moczul arranging mortgage financing.
“The Shelby is home to over 100 original pieces of local art, making it stand out among the competitive set for renters,” said White, senior managing director at Berkadia. “This distinction drives demand and results in higher occupancy than the submarket average.”
In the past year, 29SC has acquired more than 20 multifamily assets with 5,000-plus units across the U.S. Its current portfolio consists of more than 17,000 units and a development pipeline of more than 3,500 units.
