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Suburban DC Apts. Go For $100 Million

Westbrook Buys Windsor at Arbors, Walker & Dunlop Brokers Both Deal, Loan
February 28, 2018
Westbrook Partners has taken down the 400-unit Windsor at Arbors apartment complex in Northern Virginia.

Westbrook, of New York, and local managing partner MRP Realty paid about $100 million, or $250,000 per unit, for the complex, according to CoStar research. It was built in 1989.

The garden-style property, at 5250 Duke St. in Alexandria, VA, was previously known as The Arbors on Duke. GID's management arm, Windsor Property Management, oversaw the property and re-named it.

Walker & Dunlop, the Bethesda, MD-based brokerage, handled both the sale and the financing. HSBC Bank provided the $74.5 million acquisition loan, according to CoStar research.

Walker & Dunlop’s Mid-Atlantic investment sales team, led by Chris Doerr, managing director, and Will Harvey, vice president, represented the seller, GID Real Estate Investments, in the transaction. Following the sale, the company's capital markets group, led by managing directors Jamie Butler and Brendan Coleman, arranged the financing for GID.

Though GID kept up the property, the new ownership team is expected to execute a value-added plan of unit renovations and amenity upgrades to boost rents - and returns.

Doerr commented, "Ownership has done a tremendous job maintaining Windsor at Arbors in excellent condition, allowing MRP Realty to achieve strong rent premiums through planned unit upgrades. The value-add space continues to be very competitive, especially for properties located 'inside the Beltway', such as Windsor at Arbors."

The property is a mix of one- and two-bedroom units, with basic amenities like a fitness center, pool and on-site maintenance.

For more information on the transaction, please see CoStar Comp #4149717.

John Doherty, Multifamily Reporter  CoStar Group   
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