Perseus TDC and its partners, Four Points and ELV Associates, have sold The Foundry, a 16-story, 520-unit luxury multifamily community with 25,562 square feet of retail space at 2470 Mandeville Lane in Alexandria, Va. The financial terms were not disclosed.
Timberline Real Estate Ventures, on behalf of itself and IGIS Asset Management, purchased the asset, which was 96 percent leased at the time of sale.
Formerly a federal office building, The Foundry was completed in March 2020 and boasted the fastest lease-up pace among all properties in the Washington, D.C., region. It sits in the heart of the Carlyle District, two blocks from a metro station, and is surrounded by more than 650,000 square feet of walkable retail space, including a new Wegmans grocery store. A few miles to the north via highway or public transportation, National Landing is ramping up the development of Amazon HQ2 and the Virginia Tech Innovation Campus, significant projects that will continue to fuel
