Sale of new multi-housing community in Arlington closes
JLL Capital Markets closed the sale of the 333-unit Alexan Earl and arranged acquisition financing
WASHINGTON, D.C., July 29, 2021 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Alexan Earl, a 333-unit, trophy-quality, multi-housing community in the suburban Washington, D.C. community of Arlington, Virginia.
JLL marketed the property on behalf of the seller, Trammell Crow Residential and a leading global real estate investment advisor. A private company acquired the property. Additionally, working on behalf of the new owner, JLL secured the five-year, floating-rate loan with Mesa West Capital, LLC.
The Alexan Earl is a brand new, best-in-class community featuring studio, one- and two-bedroom residential units averaging 827 square feet across two buildings and 3,396 square feet of retail. In-home features include stylish kitchens, quartz countertops with full-height tile backsplashes, decorative kitchen lighting with dimmable island pendants and undercabinet lighting, movable and fixed islands, undermount sink with stylish pull-down faucet, hard-wood inspired laminate tile flooring and custom closets. Additionally, units have stainless steel appliances with hooded ranges, full-size washers and dryers and a tech-rich home with USB outlets and managed WiFi system. Building amenities include a heated rooftop pool with an indoor/outdoor bar; lush ground-level courtyard; two state-of-the-art fitness centers; social clubroom with bar, tv, billiards and a music room; complimentary WiFi in all shared spaces, 24/7 concierge services and co-working space with private offices and collaboration booths.
Located just off Wilson Boulevard at 1122 North Hudson St., the Alexan Earl is a short walk to the Clarendon Metro Station (Silver and Orange Lines – with less than a 10-minute connection to the D.C. CBD and all of Northern Virginia) in Northern Virginia’s premier live-work-play-learn neighborhood. The property, with a 96 Walk Score®, is surrounded by 28 million square feet of office and 3.3 million square feet of retail within a two-mile radius, bookended by the Rosslyn office employment hub, the nightlife, popular bars and restaurants in Clarendon, as well as the revitalized Market Commons and the resurging Ballston submarket redevelopments. The Rosslyn-Ballston (“R-B”) Corridor is an ideal dual-commuter or roommate location, providing direct metro access (Orange/Silver Lines) to downtown DC CBD, R-B Corridor, Reston and Tysons Corner within a 20-minute commute.
The JLL Capital Markets Investment Advisory team representing the seller included Senior Managing Directors Walter Coker and Brian Crivella and Directors Robert Jenkins and Bill Gribbin.
“The sale of Alexan Earl represented a unique opportunity for our buyer to get to an asset located in the coveted Rosslyn Ballston Corridor of Arlington,” Coker said. “The sale and debt placement show a true team effort by both JLL debt and sales professionals to get this asset over the goal line, and we are very grateful to the seller and buyer teams for trusting us with such a high profile sales and debt assignment.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Trammell Crow Residential
Trammell Crow Residential (TCR) is a market-leading developer of multifamily communities across the United States and has delivered nearly 260,000 apartments to date. Founded in 1977, TCR is part of Crow Holdings, a privately-owned real estate investment and development firm with a 70-year history, $21 billion in assets under management, and a strong track record of performance, partnership and innovation.