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Second Largest Apt. Deal of 2018 Closes in Old Town Alexandria

Lincoln Property Co., American Realty Advisors Secure $95 Million Loan for Purchase of Meridian at Carlyle
May 14, 2018
Lincoln Property Co. and American Realty Advisors closed on the second largest apartment deal in the Washington, D.C. market this year with the purchase of the Meridian at Carlyle for $148 million, or nearly $356,000 per unit.

In late March, Dallas-based LPC and American Realty Advisors out of Los Angeles finalized a deal with Paradigm Cos. and UBS Realty Investments to acquire the 403-unit apartment complex situated one block south of Duke St. near I-95 and the King Street metro station at 401 Holland Ln. The venture secured a $95 million, five-year, floating-rate acquisition loan with MetLife Investment Management for the purchase.

Completed in 2001, the 16-story complex - set to be rebranded as Lincoln at Old Town - consists of studio to four-bedroom floor plans with units averaging 779 square feet. In addition to its location adjacent to a Whole Foods, the pet-friendly community offers a pool, putting green, fitness center, club room with billiards, concierge and on-site dry-cleaning service, and a three-level underground parking garage.

The sale follows only the Bent Tree Apts. in Centreville, VA, which AIMCO acquired in February for $160 million.


Commenting on the acquisition, Jarl Bliss, executive vice president of the Mid-Atlantic for LPC, said in a release, "The soon-to-be ‘Lincoln at Old Town’ represents an opportunity to reposition a high-rise multifamily community in an attractive, transit-oriented location with the ability to create value through execution of interior unit renovations and common area amenity upgrades. This property is a great addition to our value-add portfolio, and we have strong performance expectations for both the property and the market in the long-term.”

Jorge Rosa, Anthony Liberto and Paul Collins of Cushman & Wakefield brokered the sale for Paradigm Cos., a locally based investor and developer, and New York-based investment management company, UBS Realty Investors.

Steven Klein and Cary Abod of HFF's debt placement team placed the loan on behalf of the acquiring venture.

For more information on the transaction, please see CoStar Comp #4213877.
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