29SC pays $82m for multifamily asset in Virginia

Privately held real estate investment firm 29th Street Capital (29SC) has acquired a luxury apartment community in Alexandria, Va., for $82 million. The purchase of The Shelby marks the firm’s first acquisition in the Washington, D.C., Metro area.

Built in 2014, The Shelby is a 240-unit, class A property that offers its tenants high-quality interiors, community spaces and amenities. The Shelby is a short walk from the Huntington Metrorail station, providing Yellow Line service to Old Town Alexandria, National Landing and into Washington, D.C. 29SC will make select interior and exterior upgrades to position the property.

Alexandria was voted #4 Best Small Cities in the United States (Conde Nast), #2 Most Educated City (Forbes) and one of the Top 10 Best Cities in America for Young Professionals (Niche). The neighborhood is experiencing growth through its retailers, restaurants and the opening of an adjacent grocer in 2022.

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