STRONG MARKET FUNDAMENTALS + IMPRESSIVE DEMOGRAPHICS WITH $150,000 AAHI
OPPORTUNITY TO DRIVE RENTS ($1,800+ OF ADDITIONAL RENTER WALLET SHARE)
10 MINUTES TO AMAZON HQ2 + VA TECH INNOVATION CAMPUS
WELL MAINTAINED ASSET & OWNED BY ORIGINAL DEVELOPER
Berkadia is pleased to present the sale of The Asher (the “Property”), a 206-unit community located in Old Town Alexandria, VA. The asset is comprised of two distinct buildings of modern or classic style choices. The Property’s premier location and top-of-the-line in-unit and community features allow residents an urban refuge amongst the greater DC area with breathtaking views of the nation’s capital. The boutique asset has seen strong new and renewal lease trade out trends, offers new ownership upside in rents via unit improvements and outsized rent growth driven by the Amazon Effect, and is offered well below replacement costs. Its two retail spaces comprised of 4,878 SF are occupied by Bastille Brasserie & Bar and Studio Barre gym.
The premier location among historic Old Town Alexandria, VA complements its dedication to preservation of railroad ties and decades-old bottles unearthed during construction. The Property sits just 0.1 miles from the Braddock Road Metro (Blue/Yellow) providing residents with direct connectivity to Northern Virginia and Washington, DC with an array of employment opportunities. The new future Potomac Yard metro station, home to Virginia Tech’s Innovation campus- a $1B endeavor that will deliver over 1M SF of office and academic facilities- will sit just one Metro stop away. The Property also sits only 1.5 miles from Amazon’s HQ2 bringing 25,000 high-salary jobs and upwards of 185,000 indirect jobs to the immediate area. The Property itself is right in the heart of Alexandria- Old Town- a major employment area with 11M SF of office space and continually ranked as one of the best places to live and visit.
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.
4445 Willard Ave | Suite 1200 | Chevy Chase, MD 20815
Visit Doc Center
620 N. FAYETTE ST. | ALEXANDRIA, VA 22314
AVG UNIT SF
Senior Managing Director
Senior Managing Director
4445 Willard Ave.
Chevy Chase, MD 20815
© 2023 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing
opportunity to drive rents
Current Ownership has focused on keeping the integrity of the railroad ties and decades-old bottles unearthed during construction to inspire a powerful collection of amenity spaces, both indoors and out (four levels to be exact) with breathtaking views of the nation’s capital. Current ownership has fully repositioned the amenity spaces with a top-of-the-line fitness center, enhanced club room with a designated party room and gaming area, updated hallway corridors as well as four floors of outdoor living spaces allowing new ownership to capitalize on revenue generating interior improvements.
At the top of the competitive set, The Alexan Florence is achieving market rents $1,100+ higher than the Asher in-place rents. Current ownership has implemented a proven light unit renovation program and are achieving premiums upwards of $75/unit. New ownership has the opportunity to continue unit renovations across the property to drive rents. Along with other with other market factors such as Amazon HQ2, VT’s Innovation campus and the high demand for the submarket offer several opportunities to continue to increase top line rents. Recent leasing trends have shown 10.40% rental increases over current in-place averages.
competitive market analysis
opportunity to drive rents
The average household income within a 1-mile radius is $150,000 as well as Amazon delivering average salaries of $155,000+, allows current and future residents to support rents $1,880 higher per unit than the in-place rents at The Asher.