Shoreham Capital in partnership with Bridge Investment Group has acquired a 1,180-unit multifamily community, Mason at Van Dorn, in Alexandria, Virginia. On 30 acres, Mason at Van Dorn is adjacent to the WestEnd Alexandria, a 4 million-square-foot mixed-use redevelopment on the former 52-acre Landmark Mall site, which will be anchored by the future Inova Alexandria Hospital Campus.
“We are excited to announce the acquisition of this landmark multifamily asset in the heart of Virginia’s vibrant Alexandria submarket,” says Doug Faron, managing partner at Shoreham Capital. “With major development and growth occurring in and around Alexandria, we believe the property exemplifies our strategy of opportunistically acquiring properties in great markets supported by strong fundamentals. We are grateful for our partnership with Bridge and our shared beliefs in providing high-quality housing opportunities.”
With 14 four- and five-story buildings, the community includes studio to two-bedroom floor plans averaging 761 square feet. Community amenities offer two resort-style swimming pools, grilling stations, outdoor areas, tennis courts, business center, game room, movie theater, fitness center, dog park, and a shuttle service to Van Dorn Metro Station.
“Mason at Van Dorn expands our workforce and affordable housing strategy with a well-located asset in the Alexandria submarket,” says Rachel Diller, chief investment officer for Bridge Investment Group’s Workforce & Affordable Housing Strategy. “We will provide social and community programming focusing on education, health, and financial wellness for our residents, and look forward to creating a vibrant, thriving community alongside our partner Shoreham.”
The $157 million financing was arranged by Berkadia through Fannie Mae. Berkadia’s senior managing director Walter Coker, senior managing director Brian Crivella, senior director Yalda Ghamarian, and senior director Bill Gribbin represented ownership in the deal.