By Adrian Maties, Associate Editor
The former Parkwood Court apartment community in the Alexandria section of Northern Virginia has reopened its doors to the public following a renovation project that not only brought property upgrades and a new, 45-space parking field but also a new name. The re-branded community will now be known as 101 North Ripley.
Continental Realty Corp., the owner, announced the completion of the project and the name change this week, but did not reveal how much it invested in the community. The company bought the property at 101 North Ripley St. in 2011 for $23 million, according to PropertyShark. The real estate website lists the current market value of the apartment community at $22.7 million.
101 North Ripley consists of 189 one-, two- and three-bedroom apartment units in seven different floorplans. Besides the new parking spaces, the enhancement included the installation of new windows and doors, renovated hallways and laundry rooms, and new landscaping. CRC has also designed a new community logo to be incorporated into the signage package.
“This new apartment name and logo reflects the significant investment we completed at 101 North Ripley and signals our overall corporate philosophy concerning the maintenance of extremely high standards at all our properties,” Kate Gayhardt, director of residential fund operations at Continental Realty Corp., explained in a statement. “We consider it extremely important to elevate our apartment communities to serve the continuing needs of our residents.”
Photo credit: Continental Realty Corp.