Executive Summary
Berkadia is pleased to present the sale of The Shelby (the “Property”), a 240-unit luxury apartment community in Alexandria, VA. The Property is located a 8-minute drive from Old Town Alexandria and has convenient access to the Metro Yellow Line’s Huntington Station giving residents convenient connectivity to National Landing (Amazon HQ2), the Rosslyn Ballston Corridor, and downtown Washington, D.C.
The Property is located a short drive from the impending WestEnd Alexandria, a 52-acre redevelopment of the former Landmark Mall that will consist of 300,000 SF of retail and the relocation of INOVA Alexandria (estimated delivery date of 2028) will bring 2,000 healthcare professionals within 3.5 miles of the Property.
The Shelby has seen tremendous performance lately achieving 10.8% increases on recent 15 new leases and 5.6% increases on recent 15 renewals with continued strong 3rd party forecasts projecting 12.1% aggregate rent growth through 2026. The Shelby presents an opportunity to acquire a high quality asset positioned for out sized rent upside.
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 company business in Nevada.
© 2024 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 Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
4445 Willard Ave | Suite 1200 | Chevy Chase, MD 20815
BRIAN CRIVELLA
Senior Managing Director
301.580.6685
brian.crivella@berkadia.com
YALDA GHAMARIAN
Senior Director
240.462.2332
yalda.ghamarian@berkadia.com
BILL GRIBBIN
Senior Director
301.580.6486
bill.gribbin@berkadia.com
INVESTMENT SALES
DC METRO
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
CONTACT US
Investment Highlights
The Property has seen tremendously strong tradeout trends achieving 10.8% increases on recent 15 new leases and 5.6% increases on recent 15 renewals.
240
units
2014
year built
Stainless Steel
Kitchen Appliances
9’ Ceiling Heights
Imported White Rose
Granite Countertops
LVP Flooring in Living Areas
& Carpeted Bedrooms
24 Hour Fully Equipped
Fitness Center
Resident Clubhouse with Catering Kitchen
Spacious Lounge
with Booths for
Remote Work
Free WiFi in
Common Areas
Dog Wash
Pet Spa
community
amenities
Amenities
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The Asset
Amenities
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Doc Center
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The Asset
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6200 North Kings Highway alexandria, va 22303
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 company business in Nevada.
© 2024 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 Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
4445 Willard Ave | Suite 1200 | Chevy Chase, MD 20815
BRIAN CRIVELLA
Senior Managing Director
301.580.6685
brian.crivella@berkadia.com
YALDA GHAMARIAN
Senior Director
240.462.2332
yalda.ghamarian@berkadia.com
BILL GRIBBIN
Senior Director
301.580.6486
bill.gribbin@berkadia.com
INVESTMENT SALES
DC METRO
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
CONTACT US
apartment
amenities
strong property performance
Third party projections forecast 12.1% aggregate rent growth through 2026 for the submarket with an anticipated average occupancy of 95.7% over this period (Axio/Costar).
positive submarket
outlook
The Property is in Fairfax County, the nation’s 5th most affluent county. Fairfax’s median household income is $145,000 and has a low 2.3% unemployment rate, with 64% of its population holding a bachelors degree or higher.
outstanding Renter
Demographics
The Property is a short drive from WestEnd Alexandria, the site of the former Landmark Mall and will be anchored by Inova Alexandria Hospital's new Campus. The new campus is expected to deliver in 2028 and will consist of over 2,000 healthcare workers in additional to upwards of 300,000 SF of retail.
future demand
drivers
The Shelby is proximate with convenient metro access to the US Patent & Trademark Office (13,000 Employees), the National Science Foundation (1,700 Employees), and The Pentagon (30,000 Employees). The Property is also a short 20 minute drive from Fort Belvoir’s +50,000 population of defense professionals.
Exceptional Connectivity
to Employment
The Property is proximate and convenient to Amazon’s HQ2 (20 minute drive) as well as Virginia Tech’s $1B Innovation Campus (15 minute drive), both of which offer high-level employment and advancement, increasing property demand and renter demographics for years to come.
Amazon HQ2 and VA Tech Innovation Campus
842
avg. sf
384
parking spaces
95%
occupied
leed silver
certified
Electric Car
Charging Stations
On Site Secure Bike
Storage & Repair
Pool with Umbrellas and
Wrap Around Seating
Grilling Stations and
Outdoor Dining Space
Covered Fire Pit
with Seating
Spacious Dog Park
Porcelain Tiled Bathrooms
with Granite Countertops
In-Unit Full-Sized
Washer & Dryer
Programmable Smart
Thermostats
Patios and Balconies
Offered in Select Units
drew white
Senior Managing Director
240.396.1090
drew.white@berkadia.com
Electric Car
Charging Stations
On Site Secure Bike
Storage & Repair
Pool with Umbrellas and
Wrap Around Seating
Grilling Stations and
Outdoor Dining Space
Covered Fire Pit
with Seating
Spacious Dog Park
Porcelain Tiled Bathrooms
with Granite Countertops
In-Unit Full-Sized
Washer & Dryer
Programmable Smart
Thermostats
Patios and Balconies
Offered in Select Units
drew white
Senior Managing Director
240.396.1090
drew.white@berkadia.com
