Real Estate

VDOT Sells Hunting Point to Chicago Firm

The Virginia Department of Transportation has sold Hunting Point, formerly named Hunting Towers, to Hunting Point Apartments LLC, which is managed by Chicago-based Laramar Group.

The Virginia Department of Transportation on Friday sold Hunting Point, the two eight-story apartment buildings in Alexandria's south end, to realty firm Laramar Group.

VDOT acquired the apartment buildings in 2001 to make room for the new Woodrow Wilson Bridge.

  • See Virginia's Transportation Department Eyeing Sale of Hunting Towers

The buildings' former owner, Kay Management, had the right to buy the property back from VDOT but at the time, the two parties couldn't come to an agreement, according to Deputy City Manager Mark Jinks.

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  • See Council Seeks to Maintain Affordable Housing at Hunting Towers

According to Richard Bennett, VDOT's state right of way and utilities director, the contract consideration was $81 million, but VDOT received less than that amount as various adjustments and credits were applied.

The net proceeds will be applied to the Woodrow Wilson Bridge project.

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Alexandria City Council in May 2012 adopted a resolution affirming the current zoning of the apartments to let any new buyer know that the city would not allow any major structural changes to the building that would essential convert the building to luxury apartment and potentially displace current residents.

Bennett on Friday told Patch that Laramar was "made aware" of the council resolution but it was not specifically cited in the sale agreement.

  • See Council Adopts Hunting Towers Resolution

The new owner manages apartment complexes across the country and already does business in the DC area.


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