November 9, 2020
Multifamily real estate investment trust UDR has divested from DelRay Tower, a 332-unit multifamily property in Alexandria. The sales price was $145 million.
Located at 3110 Mount Vernon Ave., the property is less than a mile from Potomax Yard, where Virginia Tech is building a new innovation campus. The property was redeveloped in 2013 with work that increased the unit count from 187 to 332. The community features ground-floor retail and amenities that include a fitness center, business center and a clubhouse. Rents range from $1406 for a studio to $2,897 for a two-bedroom unit.
The buyer was an affiliate of Arlington-based family real estate firm Caruthers Properties, which acquired the property in an off-market transaction.
For comments, questions or concerns, please contact David Cohen