Mason at Van Dorn

Executive Summary

Berkadia is pleased to present the sale of Mason at Van Dorn (the “Property”), a 1,180-unit community located within the heart of Virginia’s vibrant Alexandria submarket. The Property is located adjacent to the WestEnd Alexandria, the 52-acre redevelopment of the former Landmark Mall. WestEnd Alexandria is one of the largest mixed-use development projects in Northern Virginia anchored by the future Inova Alexandria Hospital Campus that will soon support over 2,000 healthcare workers. Mason at Van Dorn is an ideal live, work, and play community for residents as the property offers an extensive recently renovated amenity package and the location provides seamless connectivity to major employers, retailers, and entertainment. With the Van Dorn Metro Station (blue line) just over a mile away from the Property, residents can conveniently access major employment hubs including the newly delivered Phase I of Amazon’s HQ2 (5 stops, 16 minutes) and the incoming $1 billion Virginia Tech Innovation Campus (3 stops, 11 minutes). Mason at Van Dorn is an exceptional investment opportunity with consistent in-place cash flow and strong historical occupancy. The Property presents an opportunity to preserve affordable housing, capture many occupational efficiencies due to scale, and to purchase at an advantageous price-point below replacement cost with proven value-add upside. Current ownership has spent significant capital on community amenities, allowing new ownership to focus on unit renovations across 100% of the property to deliver consistent finishes throughout the community and achieve premiums upwards of $300+/ per unit/ per month.

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. © 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.

4445 Willard Ave | Suite 1200 | Chevy Chase, MD 20815

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140 S. Van Dorn St., Alexandria, VA 22304

1972

year built

The Opportunity

The Asset

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WALTER COKER

Senior Managing Director 703.282.8081 walter.coker@berkadia.com

BRIAN CRIVELLA

Senior Managing Director 301.580.6685 brian.crivella@berkadia.com

YALDA GHAMARIAN

Senior Director 240.462.2332 yalda.ghamarian@berkadia.com

BILL GRIBBIN

Senior Director 301.580.6486 bill.gribbin@berkadia.com

INVESTMENT SALES

DC METRO

4445 Willard Ave. Suite 1200 Chevy Chase, MD 20815

Abundant Amenity Package

1,180

units

790

avg. sf

94%

occupancy

1,496

residential parking spaces

10%

increase on recent 10 leases

Mason at Van Dorn presents a multitude of improvement opportunities, 100% of the 1,180 units can berenovated to achieve premium’s upwards of $300+/per unit/ per month and increase revenue. With the addition of quartz countertops, backsplashes, modern stainless-steel appliances, smart tech package, among other upgrades will allow Mason at Van Dorn to better compete with the competitive set within the submarket.

100% OF UNITS OFFER VALUE-ADD UPSIDE

The Property is steps away from WestEnd Alexandria, the site of the former Landmark Mall. Expected to deliver in 2025, WestEnd will be anchored by Inova Alexandria Hospital’s new Campus of 2,000 healthcare workers in addition to upwards of 300,000 SF of retail

LARGE-SCALE NEARBY INVESTMENT

The Property is proximate and convenient to Amazon’s HQ2 as well as Virginia Tech’s $1B Innovation Campus, both of which offer high-level employment and advancement, increasing property demand and renter demographics for years to come

AMAZON / VA TECH

Deal Highlights

The Property benefits from high levels of in-place renter demand and rent growth, with significant opportunity for further rent growth via value-add. Recent 10 leases achieved an increase of 10%

PROPERTY PERFORMANCE

Seamless access to thriving retail, entertainment, and recreation destinations in Old Town, Shirlington, Rosslyn-Ballston Corridor, National Landing, and Washington, D.C., and the adjacent Landmark Mall Redevelopment

Surrounded by Retail and Entertainment

Mason at Van Dorn is ideally connected to the exceptionally strong D.C. Metro employment market. The Property is located just inside the Capital Beltway (I-495), off of I-395 via Duke Street, and 1-mile away from the Van Dorn Street Blue line Metro Station

Exceptional Connectivity to Employment

Decreasing workforce housing inventory fuels the property’s residential demand, with an expected 4.2% annual rent growth in the submarket (Axiometrics)

Shrinking Workforce Housing Supply

Current ownership has spent $26M in capital expenditures which in includes renovations to the common areas. The clubhouse, fitness center, business center, grilling area, theater room, tennis courts, and dog park are all newly renovated

Recently Rejuvenated Amenities

Property rents introduce the possibility for advantageous agency financing initiatives with a high percentage of units within advantageous AMI levels

High Mission Agency Financing

Mason at Van Dorn is being offered below replacement cost in a submarket with limited future deliveries and replacement costs of approximately $350,000 per unit

BELOW REPLACEMENT COST

© 2023 Berkadia Proprietary Holding LLC Berkadia® is a trademark of Berkadia Proprietary Holding LLC Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing

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