Ascentris and Altus Realty Partner Again; Acquire 132K SF Office Building in Old Town Alexandria, VA
Denver, CO (December 31, 2019) – Ascentris, on behalf of a fund it manages, announced today it has partnered with Altus Realty to acquire 225 Reinekers, a 132K square foot office building located in the Old Town Alexandria submarket of Washington, D.C.
The seven-story building is located just 450 feet from the King Street Metrorail Station immediately connecting tenants to Reagan National Airport, Amazon’s HQ2 in the National Landing submarket, the Rosslyn-Ballston Corridor, and Washington, D.C.’s central business district. Located in the heart of the historic Old Town Alexandria submarket, 225 Reinekers is steps away from Whole Foods and a host of other restaurants and retailers, earning the property a 93 Walk Score and 76 Transit Score.
“We are excited to partner with Altus again for our second Washington, D.C. Metro acquisition this year, continuing our strategy of acquiring well-located, high-quality office properties in markets with growing tenant demand,” said Ascentris Partner and Managing Director, Tricia Noble. “We were attracted to the central location of the property within the submarket and believe that 225 Reinekers is perfectly positioned to absorb the demand being created from organic job growth in surrounding submarkets and from tenant displacement in National Landing.”
225 Reinekers is 79% leased to a highly diversified roster of 22 tenants. The partnership’s comprehensive capital plan includes performing a host of tenant-facing capital improvements, including speculative suite and elevator modernization programs and enhancing the curb appeal of the building. With its transit-oriented and extremely walkable location, 225 Reinekers is poised to benefit from growing leasing demand driven by private and public investment in the region including Amazon’s HQ2 and Virginia Polytechnic Institute and State University’s new Innovation Campus in National Landing.
“We believe 225 Reinekers is an incredibly well-located asset with appreciable upside in the improving King Street/Carlyle micro-market and we are excited to have another opportunity to work with the Ascentris team.” said Altus Partner, Al Troup.
Ascentris and Altus engaged Newmark Knight Frank for leasing and Cushman and Wakefield for property management services at the property. Newmark brokered the sale and JLL sourced acquisition financing for the partnership.
About Altus Realty
Altus, founded in 2006, is a full-service real estate development and investment company based in Washington, D.C. From repositioning underperforming assets to developing ground-up projects, Altus focuses on creating mixes of residential, office, retail and hospitality experiences that inspire. With a thoughtful, crafted approach to each project, Altus seeks to build long-term relationships and value with its partners and tenants alike.
Altus is led by a team of seasoned team who are directly responsible for the acquisition, asset management, and development of its assets. The principals of Altus are Charlie Kehler, Al Troup and Gordon Fraley.
Ascentris is a real estate private equity firm based in Denver, Colorado. With over $1.6 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both core and value-add investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at www.ascentris.com.