The Praedium Group, a New York City-based national real estate investment firm, and The Milestone Group, a Dallas-based multifamily real estate investment and management company, formed a joint venture to acquire a 556-unit residential portfolio in Alexandria, VA, for $125.5 million, or about $225,719 per unit. Archstone was the seller.
Known as The Alexandria Portfolio, the asset consists of two complexes at 6050 Palladium Court and 6050 Edgeware Lane, about 14 miles outside Washington, DC, and within 3 miles of the Franconia-Springfield and Van Dorn Metro stations. The portfolio totals 590,799 square feet.
Edgeware Lane consists of 424 units spread out between 16 buildings and Palladium Court is comprised of 132 units in five buildings. The portfolio offers one- and two-bedroom residences and many feature bonus spaces in the form of dens, lofts and sunrooms.
Randal Howard of Moran & Co. was the listing broker.
Please see CoStar COMPS #2501221 for more information on this transaction.