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Bethesda-Based Real Estate Company Purchases Apartment Complex Near Landmark Redevelopment | ALX now

The Mark Apartments, photo courtesy of Washington Property Company

The Mark Apartments located at 100 S. Reynolds Street, near the Landmark area, have changed owners.

The Washington Property Company (WPC) announced last Friday the acquisition of The Mark, a 227-unit apartment tower in the West End. The company bought the tower for $ 52.7 million.

“This is WPC’s first acquisition of an existing multi-family property,” said Quinn Rounsaville, senior vice president of acquisitions for WPC, in a press release. “We have long been committed to multi-family as an asset class in our portfolio, and this acquisition offers an opportunity for growth. We believe that with Amazon HQ2, the Virginia Tech innovation campus, the Landmark Mall redevelopment, and the favorable political climate for business in Virginia, the Alexandria submarket is poised to experience tremendous growth over the course of over the next five to ten years.

In the press release, WPC said it plans to complete an ongoing renovation program in the apartments to complete the upgrade of finishes and features of the apartments. WPC also said it plans to upgrade the building’s systems and common areas further.

The planned redevelopment at Landmark and the HQ2 development in Arlington were dropped as a key feature that made the building an attractive acquisition.

“It is just 1.4 km from Van Dorn metro station and four metro stops from Amazon’s head office,” the press release said. “Just half a mile from the property is the Landmark Mall redevelopment, which is expected to include 4.2 million square feet of mixed-use development anchored by a new $ 1 billion Inova Alexandria hospital, delivered as early as 2025.”

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