One of the newest developments in Clarendon has changed hands between two Dallas real estate giants.
Trammell Crow Residential has sold the Alexan Earl, a 333-unit multifamily building at 1122 N. Hudson St., to Lincoln Property Co. for $192 million, according to public records and information from JLL, which brokered the deal and arranged acquisition financing.
Renamed The Earl, the WDG Architecture-designed property offers studio, one- and two-bedroom units, with rents ranging from $2,096 to $4,656 a month, a heated rooftop pool, clubroom, two fitness centers and a 3,396-square-foot retail pad. Trammell Crow Residential, part of Dallas-based Crow Holdings, had been moving people in since January.
The Earl represents the first phase of the long-planned Red Top Cab redevelopment. Arlington’s Shooshan Co. acquired the 3.44-acre Red Top Cab site and then teamed up with Trammell Crow Residential as an institutional partner in 2018, with the latter overseeing the initial phase. Red Top has since relocated to Falls Church.
Arlington County approved plans for the larger project, totaling 580 multifamily units, in October 2015.
Kelly Shooshan O’Shea, Shooshan’s CEO, said the company remains master developer for the overall project, though Trammell Crow had the lead equity position in The Earl. Shooshan continues to plan for the second phase, a roughly 250-unit building fronting Washington Boulevard at the intersection with 13th Street North. It expects to start demolition this fall as soon as Arlington completes its work on Clarendon Circle, next to the planned second phase, Shooshan O’Shea said.
Lincoln has 15 other properties in the D.C. area, largely in Northern Virginia. This acquisition was a chance for it to break into the Rosslyn-Ballston corridor which has strong fundamentals, Coker said in a statement. The company has over $82 billion in assets under management now.
JLL’s Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin represented Trammell Crow Residential in the negotiations while Michael Cosby, Jimmy Conley, Jamie Leachman and Andy Scott with JLL’s debt placement team secured a five-year, floating-rate loan with Mesa West Capital LLC for Lincoln.
(As published in WBJ)