Shoreham Capital Buys NoVA Apartments for $51M
By Nick Trombola October 8, 2024 2:18 pm
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South Florida-based Shoreham Capital can’t seem to get enough of Northern Virginia.
The firm spent $51 million to acquire the 227-unit Infinity Apartment Homes at 955 South Columbus Street, Commercial Observer can first report. The seller was Alexandria, Va.-based Capital Investment Advisors, according to property records.
To finance the acquisition, Cameron Chalfant and Tyler Johnson of Marcus & Millichap (MMI)’s Institutional Property Advisors (IPA) arranged a $35 million Fannie Mae (FNMA) loan on behalf of Shoreham Capital.
“Infinity presents a unique value-add opportunity with significant upside potential through targeted renovations that will enhance the property’s appeal and overall performance,” Doug Faron, managing partner at Shoreham, said in a statement.
Robert Dean and Jonathan Greenberg of IPA represented the seller in the deal, while Johnson represented Shoreham.
A spokesperson for Capital Investment Advisors did not immediately respond to a request for comment.
Multifamily complexes in NoVA are selling like hotcakes lately. Eagle Rock Properties in late August got its hands on a 244-unit development in West Springfield, Va., about 12 miles west of Alexandria, while earlier that same month Atlanta-based investment firm Cortland spent $104 million on a 298-unit property in Crystal City, not far from Amazon’s HQ2 campus.
Even Shoreham is a repeat customer. The firm, along with Bridge Investment Group, in late March landed $157 million in Fannie Mae financing for a sprawling 1,180-unit community at 140 South Van Dorn Street in Alexandria. The deal was Shoreham’s first in Northern Virginia.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
