Multifamily Property Commands $69.5M in D.C. Metro Area

The Shelby, a millennial-oriented Class A multifamily community which saw completion in 2014, changed hands for $69.5 million dollars.
The Shelby, Alexandria, Va.

The Shelby, Alexandria, Va.

Alexandria, Va.—Irvine, Ca.-headquartered Passco Cos. recently acquired The Shelby, a Class A 240-unit multifamily community in the Capital’s upscale Alexandria area. The property, which saw completion in 2014, changed hands for $69.5 million dollars.

Ryan Ogden, senior managing director with ARA Newmark, represented both Passco Cos. as buyer and Insight Properties as the seller during the multifamily deal. Fannie Mae’s Green Building Program provided financing through Chris Black of KeyBank Real Estate Capital.

Located at 6200 North Kings Highway in Alexandria, Va., The Shelby is a LEED Silver-certified property and has a partially affordable status, with 15 affordable units. According to Yardi Matrix, the community comprises 153 one-bedroom and 87 two-bedroom units, with unit square footage ranging from 699 to 1,231.

Situated less than half a mile away from the Huntington metro station, Route 1, and I-495, the property boasts Millennial-focused amenities and great access to dense employment areas and local retail and lifestyle centers. Sitting on a 3.38-acre lot, The Shelby offers a fitness center, a business center, clubhouse, swimming pool, spa, and a 384-spot parking lot. The amenity spaces display over 100 original pieces of art created by dozens of locally commissioned artists.

“The Millennial generation continues to be a major driver in multifamily demand throughout the country. In fact, more than 57 percent of the current residents of The Shelby are Millennials under the age of 30 years old. (…) By acquiring a top-tier asset that caters to this demographic, we will be able to keep renter interest high, ultimately maximizing our ROI in this asset,” said Gary Goodman, SVP of acquisitions at Passco Cos., in prepared remarks.

Image courtesy of Yardi Matrix