Old Town Lofts
Old Town Lofts is a historic church converted into 23-unit apartment units and an office building with 18 parking spaces in the core location of Old Town Alexandria. Thomas Development purchased the asset from Virginia Tech, who no longer needs the building, as they consolidate to their new Innovation Campus close to Amazon’s HQ2, which combined will bring over 30,000 high paying jobs to the area.
Currently, we are projecting over market cash flow (10%+ cash yields) by implementing a short-term rental strategy. Previously used as dormitories for Architecture students, this building has excellent existing architectural features and solid construction, allowing high return on cost for renovations. The Old Town area has a limited supply pipeline, with project purchased below replacement cost.