HFF announced today that it has closed the sale of The Aventine of Alexandria, a 574-unit, 15-story multi-housing community in Alexandria, Virginia.
HFF represented the seller, a separate account client advised by Invesco Real Estate, in the sale of the property to Partners Group and an affiliate of Bainbridge Companies LLC.
The Aventine of Alexandria is situated on a 10.5-acre site at 2701 Park Center Drive, inside the beltway and along the Interstate 395 corridor south of Washington, D.C. Originally built in 1973, the property has been recently renovated and features one- through four-bedroom units averaging 1,027 square feet each. Community amenities include a resort-style swimming pool, fitness center, media room, business center, fenced dog run, concierge service and an on-site mini market and dry cleaning drop off/tailor service. The property also provides a complimentary shuttle to the Pentagon Metro Station and Department of Defense Washington Headquarters.
The HFF team representing the seller was led by senior managing directors David Nachison and Alan Davis and director Brenden Flood.
“The Aventine of Alexandria has been a very prominent residential tower in Northern Virginia for nearly three decades and represents a tremendous value-add opportunity for Bainbridge and their partner,” said Nachison. “The sale also underscores the strong interest for infill, value-add multi-housing investments in the Washington, D.C. region.”
Established in 1983, Invesco Real Estate manages $50 billion of real estate investments in both direct property and real estate securities. With 334 employees worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. The firm manages approximately $30.1 billion in direct real estate portfolios and $19.7 billion in real estate securities portfolios. Invesco Real Estate is an investment center of Invesco Institutional (N.A.), Inc., a subsidiary of Invesco Ltd. (IVZ) which is a publicly traded money management firm.