The Shelby Update 06/19/24

Berkadia Lists Alexandria Multifamily

Berkadia is pleased to present the sale of The Shelby, a 240-unit luxury apartment community in Alexandria, VA. The Property is located a 8-minute drive from Old Town Alexandria and has convenient access to the Metro Yellow Line’s Huntington Station giving residents convenient connectivity to National Landing (Amazon HQ2), the Rosslyn Ballston Corridor, and downtown Washington, D.C.

The Property is located a short drive from the impending West Alexandria, a 52-acre redevelopment of the former Landmark Mall that will consist of 300,000 SF of retail and the relocation of INOVA Alexandria (estimated delivery date of 2028) will bring 2,000 healthcare professionals within 3.5 miles of the Property.

The Shelby has seen tremendous performance lately achieving 10.8% increases on recent 15 new leases and 5.6% increases on recent 15 renewals with continued strong 3rd party forecasts projecting 12.1% aggregate rent growth through 2026. The Shelby presents an opportunity to acquire a high quality asset positioned for out sized rent upside.

More information about this opportunity can be found here.

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