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Bethesda-based real estate company buys apartment complex near Landmark redevelopment

The Mark Apartments, photo courtesy Washington Property Company

The Mark Apartments at 100 S. Reynolds Street near the Landmark area is under new ownership.

Washington Property Company (WPC) announced its acquisition of The Mark, a 227-unit apartment tower in the West End, last Friday. The company bought the tower for $52.7 million.

“This is WPC’s first acquisition of an existing multifamily property,” said Quinn Rounsaville, WPC Senior Vice President of Acquisitions, said in a press release. “We have long been committed to multifamily as an asset class in our portfolio, and this acquisition provides an opportunity to grow. We believe that with Amazon HQ2, Virginia Tech’s Innovation Campus, the redevelopment of Landmark Mall, and Virginia’s business-friendly political climate, the Alexandria submarket is poised for tremendous growth over the next five to ten years.”

In the press release, WPC said it plans to complete an ongoing renovation program at the apartments to finish upgrading apartment finishes and features. WPC also said it plans a more extensive upgrade of the building’s systems and common areas.

The redevelopment planned at Landmark and the HQ2 development in Arlington were name-dropped as a key feature that made the building an appealing acquisition.

“It is just 1.4 miles from the Van Dorn Metro station and four Metro stops to Amazon’s HQ2,” the press release said. “Only a half-mile from the property is the Landmark Mall redevelopment, expected to comprise 4.2 million square feet of mixed-use development anchored by a new billion-dollar Inova Alexandria Hospital, delivering as early as 2025.”

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