WC Smith Acquires 234-Unit Albemarle Apartments From AvalonBay Communities For $69.8M In Washington DC

The asset involved in the transaction is a multifamily property located at 4501 Connecticut Avenue Northwest in Washington, DC. The property consists of 234 units and was sold for a total of $69,800,000, resulting in a price per unit of $298,291.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $69,800,000
• Units: 234
• Buyer: WC Smith
• Seller: AvalonBay Communities
• Loan Amount: $52,500,000
• Financing Source: Walker & Dunlop
• Transaction Date: 03/31/2026

The deal was facilitated through a Tenant Opportunity to Purchase Act process, which allowed WC Smith to finance the acquisition efficiently. AvalonBay Communities, the seller, previously operated the property under the Albemarle apartments branding near the Van Ness Metro in D.C.