AION Partners and global alternative asset manager The Carlyle Group today announced the acquisition of a
570-unit mid-rise apartment complex in the robust rental housing market of Alexandria, VA,
for $93 million.
Built in 1964 and 1974 as the Belle Haven Towers Apartments, the property enjoys a core
location along the western side of Route 1 (6034 Richmond Highway), approximately one
mile south of the Capital Beltway and Old Town Alexandria – and just seven miles south of
the Central Business District of Washington, DC. It is currently 96% occupied.
Cityside Huntington Metro, as the property is now known, will immediately begin a $9.5
million capital improvement program to modernize the grounds, common areas and
individual apartments. AION and Carlyle have selected The Bainbridge Companies as the
new property manager.
“We are delighted to expand our portfolio of multifamily assets with Cityside Huntington
Metro,” said AION Partners Principal Michael Betancourt. “The excellent location and
quality of original construction makes it an attractive investment for AION Partners,
allowing us to utilize our hands-on asset management expertise to execute on the capital
improvement program, improve the lifestyle of current and future residents and enhance the
“We are pleased to partner with AION on this investment. Long-term residential housing
fundamentals are strong in the DC metropolitan area and we believe this prime property will
be a solid investment,” said Chip Lippman, Carlyle Managing Director.
AION Partners, which owns more than 2,000 units of multifamily housing nationally,
originated this off-market deal with the asset’s original development group. “Our knowledge
of the market and asset class enabled us to move quickly to understand and satisfy the needs
of the seller,” Mr. Betancourt said.
Equity for the transaction comes from AION Partners and Carlyle Realty Partners VI, a fund
that makes opportunistic real estate investments in North America.