South Korean investor buys mixed-use multifamily asset in Alexandria, Va.

Perseus TDC and its partners, Four Points and ELV Associates, have announce the sale of 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. Timberline Real Estate Ventures, on behalf of itself and South Korea–based IGIS Asset Management, purchased the asset, which was 96 percent leased at the time of sale.

“The Foundry added high-end residential space to a dynamic region experiencing explosive growth,” said Adam Peters, regional partner at Perseus TDC. “This successful adaptive-reuse project demonstrates the value of repositioning vacant, dated assets into thriving, amenity-rich multifamily developments.”

Formerly a federal office building, The Foundry was completed in March 2020 and boasted the fastest lease-up pace among all properties in the D.C. region. It sits in the heart of the Carlyle District, two blocks from the Metro, and the property is surrounded by more