Willow Creek Partners Acquire Alexandria, Va., Apartments for $50M
Willow Creek Partners has acquired 101 North Ripley Apartments, a 189-unit apartment complex in Alexandria, Va., for $50.1 million.
Continental Realty was the seller, having originally acquired the apartments for $23 million in 2011 on behalf of a fund.
“We repositioned the asset into a high-quality yet affordable housing option within a growing submarket,” JM Schapiro, Continental Realty’s CEO, told Commercial Observer. “Our team elevated many of the property’s physical elements and improved the resident experience with modern property management tools and a customer-first approach. 101 North Ripley serves as another great example of CRC’s team adding value for both the resident and the investor.”
Located close to the intersection of Virginia’s Routes 236 (Duke Street) and Route 401 in the Interstate 395 corridor and near Alexandria’s Old Town, 101 North Ripley Apartments offer one-, two- and three-bedroom designs.
Shortly after acquiring the property, Continental Realty completed extensive improvements that included the installation of new windows and sliding patio doors, the renovation of common-area hallways and laundry rooms, and the conversion of an underutilized outdoor pool into a new parking lot with 45 residential parking spaces.
Continental Realty was represented by CBRE’s Bill Roohan, Robert Dean and Jonathan Greenberg in the deal. It was unclear who represented the buyer.
Keith Loria can be reached at Kloria@commercialobserver.com.