San Francisco–based Hamilton Zanze, a private, national real estate investment firm, has acquired the Abbotts Run apartment community in Alexandria, Va., for an undisclosed price.
Mission Rock Residential has assumed management responsibilities.
Constructed in 1988, the building features a mixture of one- and two-bedroom units ranging from 693 to 1,352 square feet. The apartments feature walk-in closets, granite countertops, private balconies, wood-style flooring, stainless steel appliances and newly renovated interiors. Community amenities include a swimming pool, resident clubhouse and game room, fitness center, and an onsite car wash.
The seller renovated the majority of the units and the buyer has plans to renovate, as well as upgrade the community's outdoor lighting and clubhouse area.
The building is located near the Potomac River in South Fairfax County, one of the metro’s most affluent submarkets. Median income and home values are more than twice the United States average, according to Hamilton Zanze.
Amazon's new HQ2, located 14.4 miles from Abbotts Run, is expected to create 25,000 new jobs in the region and have a $4.3 billion economic impact.
"Northern Virginia is experiencing substantial growth, and Abbotts Run is strategically located to serve the market," said David Nelson, Hamilton Zanze's senior director of acquisitions. "Abbotts Run is an excellent example of what we are looking to acquire, as it offers immediate scale in a strong submarket. We will continue to look for well-located, large assets throughout the Washington, D.C., metro."
