ARLINGTON, Va., July 30, 2021 (GLOBE NEWSWIRE) -- Lincoln Property Company, alongside partner Cadillac Fairview, closed on the acquisition of Alexan Earl on Thursday, July 22, 2021. The 12-story apartment community, located at 1122 N. Hudson Street, sits in the heart of Arlington, VA within the Clarendon submarket.
This is the first existing asset acquisition from the $800M and growing U.S. multifamily fund, co-sponsored by Lincoln Property Company Residential and Cadillac Fairview. The acquisition of Alexan Earl, soon to be renamed, The Earl, jumpstarts their core acquisition initiative, with several assets expected to close in 2021 across top U.S. markets.
“The purchase of The Earl is the beginning of our long-term acquisition strategy for the fund, adding existing high-quality multifamily assets to our portfolio across major markets,” said Chase Erickson, Lincoln’s Vice President of Investments. “Our acquisition plan works in tandem with our construction goals for the fund – with several apartment communities under construction in metros from Dallas to Fort Lauderdale to Boston.”
Built in 2021 by Trammell Crow Residential, the 333-unit community is a mix of studio, one-, and two-bedroom floorplans with an average unit size of 827 square feet across two buildings. The property additionally includes 3,396 square feet of retail space.
“The Clarendon market in Arlington is showing strong rent growth – driven by the immediate access to the Clarendon Metro, walkability to Whole Foods, Trader Joe’s, restaurants and shops, and larger unit sizes,” added Ted Egner, Lincoln Property Company’s VP, Investments in the Mid-Atlantic region. “When you combine The Earl’s prime location with its finishes, we anticipate it will be a trophy asset for years to come.”
In-unit features include quartz countertops, hardwood-inspired flooring, undermount sinks with pull-down faucets, soft close cabinets, and hidden waste and recycle bins. Select units contain upgraded hood ranges, pantries with built-in microwaves, wine refrigerators, and private balconies or walk-out patios. In-home technology includes smartphone keyless entry, USB outlets, and special rate gigabyte WiFi.
Community amenities consist of rooftop lounges, a heated rooftop pool and indoor/outdoor bar, work-from-home pods and booths, two fitness centers, pet spa, bike repair shop, Amazon package lockers, EV car charging stations, controlled access garage and parking, and complimentary WiFi in all shared spaces. The Earl offers 24/7 concierge services and is LEED Gold certified.
About Lincoln Property Company
Lincoln Property Company was founded in 1965 by Mack Pogue as a builder and operator of high-quality residential communities. Headquartered in Dallas, Lincoln focuses on real estate investment, construction and development, in addition to property management. In 2019, Lincoln Property Company’s residential division formed a strategic partnership with Cadillac Fairview (CF), a globally focused owner, operator, investor, and developer of best-in-class retail, office, residential, industrial and mixed-use assets. Wholly owned by the Ontario Teachers' Pension Plan, CF manages in excess of $36 billion of assets across the Americas, Asia and the United Kingdom, with further expansion planned into Europe. Lincoln is currently the second largest multifamily manager in the United States with more than 210,000 units under management. For more information about Lincoln Property Company, please visit www.lincolnapts.com/business-services.
Media Contact:
Sheri Sandefur Killingsworth, Vice President - Marketing & Communications
214-740-3300 | corporate@lpsi.com
SOURCE Lincoln Property Company
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/784374a5-9e76-4637-962f-3b59bda8ab07