Case Study

Alexandria V.A. / Washington D.C. Value-Add Opportunity

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Seller Profile

Family that originally built the facility
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Buyer Profile

Large private equity company with over $450 billion in assets under management
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Property Profile

Established asset yielding 51,284 net rentable square feet with 544 units located in the Alexandria, V.A. / Washington D.C. Metro Area

The Story

  • Family built the facility in 2001 with one family member owning the majority of the stock in the asset
  • Seller had been talking to SkyView over a span of several years but finally decided the timing was right to sell the property
  • Challenge was a relatively low physical occupancy at 79 percent due to family and friends and friends occupying a large number of units
  • Major selling point was the subject’s location in a thriving subdivision with high-traffic in a top-10 market
  • SkyView was able to accentuate the facility’s potential with a best & final call for offers process which generated 15 offers from the most competitive private & institutional investors in the industry, yielding a record sale price of $419 per net rentable square foot. The closing price of this single asset exceeded the price per foot of large, multi-property portfolios in the same MSA

Value Creation

The seller was extremely pleased with the record-breaking results that SkyView had delivered. The majority owner purchased a historic dream farm with the proceeds from the sale.

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