Spira Equity Partners Acquires Lafayette Apartments Alexandria For $68.8M

Spira Equity Partners has acquired Lafayette Apartments, a 340-unit fully affordable community in Alexandria, Virginia, for $68.8 million. The property is located at 7136 Groveton Gardens Road and is classified as a multifamily asset. The purchase price of $68.8 million reflects a per unit price of $202,353. The transaction took place on October 17, 2023.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $68,800,000
• Address: 7136 Groveton Gardens Road, Alexandria, VA
• Market: Alexandria, VA
• Buyer: Spira Equity Partners
• Seller: Carolyn Au - Jonathan Rose Cos
• Lender: Capital One - Evan Williams & Harrison Hunt
• Units: 340
• Price per Unit (PPU): $202,353

The buyer, Spira Equity Partners, completed the acquisition of Lafayette Apartments as part of its investment strategy. The seller, Carolyn Au - Jonathan Rose Cos, facilitated the transaction. Capital One, represented by Evan Williams and Harrison Hunt, provided a $36 million floating-rate Freddie Mac loan to finance the acquisition.