Westover Apartments, a five-building, 40-unit portfolio in Arlington, VA, has been acquired by the Arlington Partnership for Affordable Housing. The non-profit organization paid $8.6 million, or $215,000 per unit and will provide affordable housing for at least 60 years. The deal is part of an eight-asset acquisition plan that is meant to add to APAH’s portfolio of roughly 1,300 units. Investment specialist Dawson Rinder and First Vice President Christopher Chadwick, both of Marcus & Millichap’s D.C. office, marketed the sale on behalf of the seller, a private investor who purchased the property in 1997.
“Market fundamentals in Arlington are extremely strong, with rent increasing year over year,” stated Dawson Rinder, Marcus & Millichap. “There have been large developments in this neighborhood, replacing old apartments with luxury townhomes, and as such, property values have skyrocketed and affordable housing has been depleted,” he concluded.
