Bethesda, Maryland – February 27, 2018
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that its investment sales group, Walker & Dunlop Investment Sales, LLC (“WDIS”) closed the sale of Windsor at Arbors, a 400-unit, multifamily property located in Alexandria, Virginia, to MRP Realty with an institutional partner (the “Sponsor”).
Led by Managing Director Chris Doerr and Vice President Will Harvey, WDIS’ Mid-Atlantic team represented the seller, GID Real Estate Investments, in the transaction. Following the sale, the Company’s capital markets group, led by Managing Directors Jamie Butler and Brendan Coleman, arranged the financing for the Sponsor.
Willy Walker, chairman and CEO of Walker & Dunlop, stated, “Through the continued growth of our investment sales business, we aim to offer our clients a full spectrum of commercial real estate sales and financing solutions. This transaction exemplifies the capabilities of our platform and highlights our commitment to funding our clients’ visions–seeing them through the whole journey, from sale to permanent financing.”
Windsor at Arbors represented a rare opportunity to acquire an institutionally maintained, 400-unit community located “inside the Beltway” and just minutes outside of Washington, D.C. The property was built in 1991 and had been under the same ownership for over 20 years. With only minor renovations in 2007, the community was positioned as an ideal value-add opportunity in a market with limited availability for development coupled with an illustrated demand for high-quality multifamily offerings.
Mr. Doerr commented, “Ownership has done a tremendous job maintaining Windsor at Arbors in excellent condition, allowing MRP Realty to achieve strong rent premiums through planned unit upgrades. The value-add space continues to be very competitive, especially for properties located ‘inside the Beltway’, such as Windsor at Arbors.”
Strategically situated directly off Duke Street, in Alexandria, the property’s convenient location offers direct access to Northern Virginia’s major thoroughfares including Interstates 395 and 495, Route 1, and the George Washington Memorial Parkway. The central location is also proximate to the area’s largest demand and employment drivers, such as the Mark Center, Carlyle District, Crystal City, the Pentagon and downtown Washington, D.C.
Having closed approximately $5.5 billion in sales over the last 24 months, WDIS is one of the nation’s leading multifamily brokerage platforms and is active in representing and advising clients throughout the United States. For more information, please see our recent closings and press releases:
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.