Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, completed the sale of 101 North Ripley Apartments, a residential community consisting of 189 multifamily units in Alexandria, Virginia, for $50.1 million, the company announced Monday.
Situated near the intersection of VA Routes 236 (Duke Street) and 401 in the Washington/Interstate 395 corridor, the asset was acquired by Willow Creek Partners, a Washington-based real estate investment and management firm. CRC was represented by CBRE, led by Bill Roohan, Robert Dean and Jonathan Greenberg.
101 North Ripley Apartments, formerly known as Parkwood Court, was acquired in 2011 on behalf of CRC Fund III General Partner, LLC for $23 million. CRC purchased the property for $121,000 per unit and disposed the asset for $265,000 per unit.
Several years after acquiring the asset, CRC completed an extensive property improvement program that focused on the installation of new windows and sliding patio doors, renovation of common-area hallways and laundry rooms, and conversion of an under-utilized outdoor pool into a new parking lot with 45 residential parking spaces.
In recent years, several high-profile development projects have been initiated in the northern Virginia region which has elevated the submarket. Amazon’s HQ2 was announced in 2018 and is expected to bring 25,000 new jobs to the area in near future. In late 2021, it was announced that Landmark Mall, less than one mile from the site, is set to be transformed into a 51-acre state-of-the-art medical campus to include townhomes, senior living facilities, retail space and a new transit hub offering connections throughout the area.