Resource Apartment REIT III Inc. a publicly registered non-traded real estate investment trust, has purchased The Summit, a 141-unit high-rise apartment community located in Alexandria, Virginia, a suburb of Washington, D.C., for $36.4 million.
Built in 1976 and renovated in 2006, The Summit Apartments is a 15-story property located four minutes from Old Town Alexandria waterfront and 10 minutes from downtown Washington, D.C.
The 164,140-square-foot property includes a mix of one-, two-, and three-bedroom units and property amenities include a swimming pool, clubhouse, and a fitness center. Rents range from roughly $1,380 to $4,000, and the property is currently 94 percent leased. The property offers a shuttle bus to the Van Dorn (Blue Line) Metro Center for direct access to downtown Washington, D.C.
The Summit is a 15-minute drive from Amazon’s HQ2 headquarters in Crystal City which is projected to add 25,000 new jobs to the region over the next five years. Additionally, the soon-to-be redeveloped Landmark Mall is one mile away and will include five million square feet of mixed-use retail within a town center concept that will also offer a 25-story office for Inova, northern Virginia’s largest health care provider.
“The Summit is ideally positioned where America works and plays – a fact that should become even more apparent with the future impact of Amazon on the Washington, D.C. metropolitan area,” said Alan Feldman, the REIT’s chief executive officer. “The community also sits in a walkable setting with direct highway access, a positive for the influx of well-educated Millennials looking to make Alexandria home.”
Resource Apartment REIT III invests in U.S. multifamily rental properties, as well as loans secured by multifamily rental properties. The company’s $1 billion offering was declared effective in April 2016 and raised $92.8 million in investor equity, as of February 8, 2019. The REIT’s portfolio was comprised of five multifamily properties purchased for approximately $138 million, as of the fourth quarter 2018.