{"id":1004032443,"date":"2011-09-20T03:24:17","date_gmt":"2011-09-20T11:24:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004032443"},"modified":"2025-02-25T00:04:37","modified_gmt":"2025-02-25T08:04:37","slug":"area-scores-again-takes-40-9m-m-f-community-in-alexandria-va","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/area-scores-again-takes-40-9m-m-f-community-in-alexandria-va\/","title":{"rendered":"AREA Scores Again, Takes $40.9M M-F Community in Alexandria, Va."},"content":{"rendered":"

September 20, 2011<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em>
\n\"\"<\/a><\/p>\n

Just a day after announcing its acquisition of a $215 million apartment-loan portfolio in a joint venture with McDowell Properties<\/a>, AREA Property Partners has scored again. This time, the real estate investor has nabbed the Heritage at Old Town, a 244-unit apartment community in the Old Town section of Alexandria, Va., for $40.9 million. The property will be managed by ROSS Management Services.<\/p>\n

\u201cThe acquisition presents an attractive opportunity for us to continue expanding our presence in the Washington D.C. metro area,\u201d James Simmons, partner with AREA, said. \u201cThe property has an irreplaceable location in Old Town Alexandria and is conveniently located in close proximity to the King Street retail corridor, major transportation routes and multiple employment centers.\u201d<\/p>\n

The property, within walking distance to Old Town, also has excellent access to the region\u2019s key highways. The property is also near the King Street Metro stop and is well-served by Alexandria\u2019s DASH bus service, and benefits from a Housing Assistance Payments contract on 140 units, allowing the federal government to subsidize the cost of housing for needy tenants.<\/p>\n","protected":false},"excerpt":{"rendered":"

AREA Property Partners has nabbed the Heritage at Old Town, a 244-unit apartment community in the Old Town section of Alexandria, Va., for $40.9 million. <\/p>\n","protected":false},"author":1201,"featured_media":1004032444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,1615],"tags":[],"class_list":["post-1004032443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-washington-dc"],"acf":[],"yoast_head":"\nAREA Scores Again, Takes $40.9M M-F Community in Alexandria, Va. - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/area-scores-again-takes-40-9m-m-f-community-in-alexandria-va\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AREA Scores Again, Takes $40.9M M-F Community in Alexandria, Va.\" \/>\n<meta property=\"og:description\" content=\"AREA Property Partners has nabbed the Heritage at Old Town, a 244-unit apartment community in the Old Town section of Alexandria, Va., for $40.9 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/area-scores-again-takes-40-9m-m-f-community-in-alexandria-va\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-09-20T11:24:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-25T08:04:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/092011-Heritage-Exterior.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/area-scores-again-takes-40-9m-m-f-community-in-alexandria-va\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/area-scores-again-takes-40-9m-m-f-community-in-alexandria-va\/\",\"name\":\"AREA Scores Again, Takes $40.9M M-F Community in Alexandria, Va. - 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