MRP Residential and Angelo Gordon Sell The Paramount in Crystal City, VA for $48.2 Million; Represented by Cassidy Turley
WASHINGTON, DC – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it represented MRP Residential and Angelo Gordon in the sale of The Paramount, located at 1425 South Eads Street in Arlington, Virginia. The property was purchased by Washington Real Estate Investment Trust for $48.2 million.
Cassidy Turley’s Managing Director Christopher Doerr, Vice Chairman Bill Collins and Associate Vice President Rachel Leyrepresented MRP Residential and Angelo Gordon in the 137,000 square foot transaction.
“The strong performance subsequent to the renovations that MRP and Angelo Gordon completed at The Paramount demonstrate their success in repositioning the property; they did a great job,” Mr. Doerr said. “It provides WRIT with a newly-renovated asset in a Class A submarket.”
The Paramount’s newly renovated, 17-story residential development includes 135 high-end apartments and 3,600 square feet of ground floor retail. Proximate to 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 parking.
MRP Residential and Angelo Gordon have owned The Paramount since June 2010.
About MRP Residential
MRP Residential is a residential development and investment management firm focused on maximizing investor returns and creating high quality multifamily projects in the Washington, D.C. region. The company is an affiliate of MRP Realty, founded by real estate executives with a history of executing more than $3 billion in real estate development and management. MRP Residential is actively involved in the development of new projects, the acquisition of existing value add projects, and placing capital for the recapitalization of current operating assets. MRP Residential strives to create value through a comprehensive understanding of the Washington, D.C. residential markets, thoughtful design and management, and successful partnerships with our capital partners. MRP Residential currently has over 1,600 apartment units in the entitlement and predevelopment phases in Washington, D.C. and Northern Virginia and owns the recently renovated Paramount Apartment project in Crystal City, VA.
About Angelo Gordon
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. With headquarters in Washington, DC, 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.