WASHINGTON, DC - MRP Realty and Angelo Gordon have selected Cassidy Turley to market The Paramount, Crystal City’s premier apartment building.
The newly renovated, 135-unit building is conveniently located at 1425 South Eads Street in Arlington, Virginia, proximate to the Pentagon City and Crystal City Metro stations and Ronald Reagan National Airport.
The property's central location provides tenants with direct access to major thoroughfares and the surrounding amenity base, including Crystal City Shops, Fashion Centre at Pentagon City and Pentagon Row. On-site amenities include a resident lounge, fitness center with yoga studio, gaming center, indoor sports court, teleconferencing business center, clubroom with rooftop terrace and garage and surface parking.
Cassidy Turley’s Managing Director Christopher Doerr, Vice Chairman Bill Collins and Associate Vice President Rachel Ley are leading the sales effort. The Paramount’s 17-story residential development includes 135 high-end apartments and 3,610 square feet of ground floor retail, totaling 137,010 square feet. The offering is expected to attract strong interest from institutional investors.
“The Paramount provides buyers with an exceptional opportunity to acquire a newly renovated asset in a Class A submarket,” Mr. Doerr said. “Current ownership has done an incredible job on the renovations, allowing residents to enjoy a Class A lifestyle at Class B rents.”
Over the past 48 months, ownership has invested nearly $4 million in renovations to the common areas and unit upgrades. The remaining 28 unit renovations are scheduled to be completed by the third quarter of 2013.
About MRP Realty
Founded in 2005, MidAtlantic Realty Partners, LLC (“MRP Realty”) is a real estate operating company focused on the Washington DC metropolitan area. MRP provides a full array of real estate services including acquisition/disposition, development/construction management, property management and asset management services. MRP Realty’s senior leadership team has worked together in Washington, D.C. and its surrounding market area in various capacities for periods ranging from 10 to 25 years and has wide ranging experience across a multitude of product types in both urban and suburban settings. MRP Realty’s managing members have been involved in over 20 million square feet of investment with a total capitalization in excess of $4 billion in the Washington, D.C. metropolitan area.
About Angelo, Gordon & Co.
Angelo, Gordon & Co. is a privately-held registered investment advisor dedicated to alternative investing. The firm was founded in 1988 and currently manages approximately $24 billion. The firm seeks to generate absolute returns with low volatility by exploiting inefficiencies in selected markets and capitalizing on situations that are not in the mainstream of investment opportunities. Angelo Gordon creatively seeks out new opportunities that allow the firm to remain a leader in alternative investments. The firm has expertise in a broad range of absolute return strategies for both institutional and high net worth investors. The firm’s dedicated team of employees has enabled Angelo Gordon to deliver consistent, positive returns over a long period in all market environments. Angelo Gordon has built its name on its breadth of talent, intensive research and risk-averse approach to investing. The firm’s long-term experience gives it the insight and patience to turn its vision into profitable, stable businesses.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.