Carmel Partners acquires D.C.-area properties for $106 million.
Carmel Partners Inc., a San Francisco-based private real estate investment firm, announced that it has acquired four new properties in the Washington, D.C., region for a total of $106.5 million.
Carmel Partners Investment Fund II LP purchased The Summit Apartments in Alexandria, Virginia Alexandria is an independent city in the Commonwealth of Virginia. As of the 2000 census, the city had a total population of 128,284. Located along the Western bank of the Potomac River, Alexandria is approximately 6 miles (9.6 kilometers) south of downtown Washington, DC. , as well as The Chesterfield Chesterfield, city (1991 pop. 73,352) and district, Derbyshire, central England. An important industrial center, Chesterfield produces mining equipment, railroad cars, metal products, glass, and pottery. Apartments, Windsor Towers This article is about the tower in Madrid, Spain. For the building in Detroit, Michigan, United States, see The Windsor Tower.
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The Summit, a 141-unit apartment complex, is located close to Washington, D.C., and Northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. employment centers. Carmel purchased the 14-story high-rise for $26.5 million. Carmel said it has allotted al·lot
tr.v. al·lot·ted, al·lot·ting, al·lots
1. To parcel out; distribute or apportion: allotting land to homesteaders; allot blame.
2. $5.9 million to renovate the common areas and upgrade the unit interiors, and its slated capital improvements will further increase its appeal.
The Chesterfield Apartments, acquired by Carmel for $11.5 million, is a mixed-use asset comprising 96 residential and eight commercial units. Carmel said it plans to convert the commercial spaces into three new apartment units, a business center and an expanded leasing center.
Also included in the $3.9 million renovation budget are upgrades to common hallways, entry areas and pool house, in addition to the construction of a new fitness center and storage room. These changes, coupled with the Chesterfield's prime location in Arlington County, will position the property as a highly desirable asset, said the firm.
Carmel's most recent acquisitions in the Washington metro area This article is about the music production team. For the article about population centers, see metropolitan area.
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v. complexes comprised of four mid-rise buildings and 507 units. Carmel acquired both properties for a total of $68.5 million and plans to spend approximately $15.1 million implementing its renovation plans.
"We are excited to increase our presence in Northern Virginia," said Ron Zeff, Carmel's chief executive officer. "These acquisitions are a continuation of our policy of investing in in-fill locations within our core markets and executing our value-add strategy."