Spira Equity Partners has acquired Lafayette Apartments, a 340-unit fully affordable community in Alexandria, Va. Jonathan Rose Cos. sold the asset for $68.8 million, public records show. The deal involved a $36 million floating-rate Freddie Mac loan with a seven-year term, provided by Capital One.
The property previously traded in 2016 for $39 million, Yardi Matrix data shows. In 2018, it became subject to a $45.7 million HUD loan, also originated by Capital One, according to the same source.
In Washington, D.C., the renter-by-necessity multifamily segment has peaked the investor’s interest during the first five months of the year, according to a Yardi Matrix market report, as 11 out of the 14 sales of that period involved value-add plays. The average price per unit for RBN properties increased 11.3 percent year-over-year as of May, while the Lifestyle segment recorded a 11.4 percent decrease.
A fully affordable community near Washington, D.C.
Lafayette Apartments caters to individuals earning at or below 60 percent of the area median income. The current deal preserves the property’s affordability.
Completed in 1966, the community comprises one-, two- and three-bedroom floorplans across 31 buildings, ranging from 683 to 1,185 square feet. Homes feature dishwashers, ceiling fans and walk-in closets, along with private balconies or patios and extra storage for select layouts. Common-area amenities include a swimming pool, a fitness center, multiple sport courts and a computer lab.
Located at 7136 Groveton Gardens Road, the 17.3-acre property is off Highway 1, roughly 5 miles south of downtown Alexandria and 12.5 miles from downtown Washington, D.C. It is also adjacent to the Huntley Meadows Park and within walking distance of the Mount Vernon Plaza shopping center.
Senior Vice President Evan Williams and Vice President Harrison Hunt led the Capital One team that arranged the acquisition financing.
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