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Page updated Mar 29, 2013 3:35 PM

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Hunting Point on the Potomac

Update on Sale of Hunting Towers

Spring 2013
  • On March 29, 2013, Virginia Department of Transportation (VDOT) sold Hunting Point on the Potomac to the Hunting Point Apartments, LLC, which is managed by The Laramar Group, LLC headquartered in Chicago Illinois. The Laramar Group’s primary business is the ownership and management of apartment complexes and they currently own other apartments in the DC area. All current lease/rental agreements will be assigned to the new owner.
Winter 2012/2013
  • The City has been told that VDOT and its selected buyer for Hunting Point are close to finalizing the purchase contract. Closing is currently anticipated during March. We have been told that the selected buyer plans to hold a meeting with all residents shortly after sale of the property is completed.
Fall 2012
  • VDOT was not able to reach an agreement with the former owner regarding the fair market value of the property. VDOT has now selected another buyer, based on the responses it received to the solicitation for expressions of interest. The buyer has completed its due diligence. Once VDOT has completed contract negotiations with the buyer and the terms are finalized, it will identify the buyer and facilitate an introduction to the City. The City is eager to learn the buyer’s plans for the property and explore options to preserve some affordable housing in the future.

Summer 2012
  • VDOT received 11 responses to its solicitation for expressions of interest in the 530-unit Hunting Point (Hunting Towers) property.  Based on discussions with eight developers (including the prior owner) during the solicitation period, three of the proposals that were submitted have been shared with the City. Here are the highlights:

    • The offer prices among the proposals range from $40 to $70 million dollars.  All of the preservation scenarios include some future request for City support, e.g., loans of up to $4 million and/or partial tax exemptions. 
    • The three proposals all include a preservation component, in which some or all of the units would be maintained as committed affordable units.
    • All proposals include some renovation, with the level of rehabilitation planned contingent on financing requirements.
    • One proposal is from the Alexandria Redevelopment and Housing Authority and a private entity with whom it would partner on a potential acquisition.
    • One of these proposals also includes an alternative option that was based upon the property being operated as “market rate” going forward. 
    • One proposal included the possibility of some tenant-owned condominiums. 

    The responses are non-binding, and the original owner has indicated its intent to re-acquire the property pursuant to its existing right of first offer, if it can reach an agreement with VDOT on the property’s fair market value.  The property would continue to be operated “as is” if the original owner is successful, but there is interest in working with the City to preserve some units as committed or market affordable over time.

    City Council’s May 22, 2012 resolution recognizing the property’s importance as a market affordable housing asset, affirming the existing zoning and land use, and stating the City’s intent to provide support within available resources to preserve the property as affordable, was conveyed to VDOT on May 25 along with a letter from Mayor Euille.  VDOT recently advised the City that it would share the letter and resolution with all respondents as requested by the Mayor.  Because VDOT considers the responses proprietary, it will not share information about specific proposals with the City.

  • City Council Presentation April 10, 2012