PHILADELPHIA,– Resource Apartment REIT III, Inc. (the “REIT”), through its operating partnership, completed the purchase of The Summit, a 141-unit high-rise apartment community located in Alexandria, Virginia, a suburb of Washington, D.C. Built in 1976, The Summit features spacious floorplans and an amenity package that includes a fitness center and an outdoor pool with seating and lounge areas.
The Summit is positioned in a hotbed of corporate growth, with two powerful market catalysts aimed to generate positive job and income growth potential. A quick 15-minute drive away, Amazon’s HQ2 headquarters in Crystal City projects to add 25,000 new jobs to the region over the next five years. Additionally, the soon-to-be redeveloped Landmark Mall is just one mile away and will include five million square feet of mixed-use retail within a town center concept that will also offer a 25-story office for Inova, northern Virginia’s largest health care provider.
Job-seekers are often priced-out of buying homes in the surrounding area due to a median home value that sits 127 percent above the Washington, D.C. metropolitan statistical area’s median. Instead, they can get the same superior access in apartment living, including close proximity to major expressways, six million square feet of neighborhood and open-air shopping, and major employers such as Fort Belvoir/Quantico (50,000+ employees), the Pentagon (23,000+ employees), and the U.S. Patent and Trademark Office (10,000+ employees). The Summit also offers a shuttle bus to the Van Dorn (Blue Line) Metro Center for direct access to downtown D.C.
“The Summit is ideally positioned where America works and plays – a fact that should become even more apparent with the future impact of Amazon on the Washington, D.C. metropolitan area,” said Alan Feldman, the REIT’s Chief Executive Officer. “The community also sits in a walkable setting with direct highway access, a positive for the influx of well-educated Millennials looking to make Alexandria home.”
About Resource Apartment REIT III, Inc.
Resource Apartment REIT III, Inc. acquires and operates a portfolio of multifamily real estate throughout the United States. The REIT is sponsored by Resource Real Estate, LLC (“Resource”), which is a wholly owned subsidiary of C-III Capital Partners LLC, a fully integrated asset management and commercial real estate services company. Resource specializes in real estate investments that emphasize consistent value and long-term returns with an income orientation.