Berkadia Negotiates $52M Multifamily Property Sale in Alexandria, Virginia

ALEXANDRIA, VA – May 1, 2023 – Berkadia announced today the sale of Del Ray Central, a 141-unit multifamily property including 2,670 square feet of retail space in Alexandria, Virginia. Senior Managing Director Walter Coker, Senior Managing Director Brian Crivella, Senior Director Yalda Ghamarian, and Director Bill Gribbin of Berkadia DC Metro led the transaction on behalf of the seller. The deal closed on April 26.

Del Ray Central sold to Virginia-based Caruthers Companies and its partners, who was the partnership lead in pursuit and closing of the acquisition, and will lead management of the asset, on behalf of the ownership group. The property was 97 percent occupied at the time of the sale.

“This sale represents a lot of work on behalf of the seller and Caruthers to get this deal done,” said Coker. “We are appreciative of both their efforts in a great execution in a very difficult time to transact.”

Located at 3051 Mount Vernon Avenue, the property affords convenient access to the exclusive Del Ray neighborhood and is just 0.6 miles from the Potomac Yard Metro Station and a five-minute drive to the Amazon HQ2 arrival bringing 25,000 new high-salary jobs and upwards of 185,000 indirect jobs to the immediate area. The property is within walking distance of +1 million square feet of retail and a short drive to Old Town Alexandria’s hundreds of bars and restaurants or National Landing’s +2million square feet of retail and 13 million square feetof office. Del Ray Central will have convenient connectivity to the Metro Blue/Yellow lines via Potomac Yard Metro Station (set to deliver in May 2023), and the introduction of Virginia Tech’s Innovation Campus, a $1 billion endeavor that will deliver over 1 million square feet of office and academic facilities and transform the Potomac Yard area, just 0.8 miles from the property, into one of the major demand drivers in Northern Virginia.