Shoreham and Bridge Investment Group Land $157M for Multifamily Buy in Alexandria
By Nick Trombola March 29, 2024 8:00 am
reprints
A Florida firm is making its first foray into the capital region.
Shoreham Capital, along with Bridge Investment Group, acquired the 1,180-unit Mason at Van Dorn multifamily community from CIM Group, Commercial Observer can first report. Berkadia was the Fannie Mae (FNMA) delegated underwriting and servicing (DUS) lender in the deal, arranging $157 million in agency financing used for the purchase, Shoreham’s first in the region. The sale price for the property wasn’t disclosed, though sources with knowledge of the deal said that it was worth north of $200 million.
The 30-acre property, at 140 South Van Dorn Street, is comprised of 14 low-rise buildings, with studio, one- and two-bedroom apartments averaging 761 square feet. It’s also adjacent to the WestEnd Alexandria, a 4 million-square-foot redevelopment on the former site of Landmark Mall, and a few miles southwest of Amazon (AMZN)’s HQ2 in nearby Crystal City, Va.
“We were really excited by the opportunity to buy an asset of this scale, especially because of the opportunity to improve and unlock more of its potential, which we believe will also have an impact on the community,” Shoreham Managing Partner Doug Faron told Commercial Observer.
West Palm Beach, Fla.-based Shoreham was founded in 2022 by Faron and Nick Zoumas. The firm specializes in value-add multifamily spaces, as well as rental developments and adaptive reuse projects. Shoreham has also worked with Bridge Investment Group before. The two firms, along with Wynkoop Financial, purchased a 26-acre development property in Cape Coral, Fla., in August 2022, with the aim of building a $120 million rental community there.
The firms’ purchase of Mason at Van Dorn comes at a strange time for Alexandria. On Wednesday, D.C. Mayor Muriel Bowser and Monumental Sports & Entertainment, which owns the Wizards and Capitals, confirmed that the franchises would stay in D.C. through 2050, effectively killing a sprawling 9 million-square-foot development district planned in Alexandria to support the teams.
“There was disappointment there for us, but there’s still a ton of other great developments happening in Northern Virginia — Amazon’s HQ2 and Virginia Tech’s new campus is evidence of that,” Faron said. “I have a feeling it will stay that way for the foreseeable future.”
Nick Trombola can be reached at NTrombola@commercialobserver.com.
