Carmel Partners Inc., a San Francisco-based private real estate investment firm, announced that it has acquired four new properties in the Washington, D.C., region for a total of $106.5 million.
Carmel Partners Investment Fund II LP purchased The Summit Apartments in Alexandria, Virginia, as well as The Chesterfield Apartments, Windsor Towers and Stratford Towers in Arlington, Virginia.
The Summit, a 141-unit apartment complex, is located close to Washington, D.C., and Northern Virginia employment centers. Carmel purchased the 14-story high-rise for $26.5 million. Carmel said it has allotted $5.9 million to renovate the common areas and upgrade the unit interiors, and its slated capital improvements will further increase its appeal.
The Chesterfield Apartments, acquired by Carmel for $11.5 million, is a mixed-use asset comprising 96 residential and eight commercial units. Carmel said it plans to convert the commercial spaces into three new apartment units, a business center and an expanded leasing center.
Also included in the $3.9 million renovation budget are upgrades to common hallways, entry areas...