During the first half of this year the President of Morris Southeast Group Ken Morris represented the Washington-based group of investors that were looking to sellB the Belle Haven Towers apartment complex in Alexandria, VA. Carlyle Group and AION Partners bought the apartment complex for $93 million making it one of the largest off-market deals on the East Coast.
Morris managed negotiations among the 55 member group of investors and the buyer throughout the sale, whileB Attorney Roger Simon who is based inB Washington officially represented the group in the sale. Once the purchase was acquiredB Carlyle/AION changed the name to Cityside Huntington Metro. They are also making plans to invest around $10 million in upgrades to the complex made up of four 10-story buildings with 570 units. The units were built from 1964 to 1974 and are located atB 6034 Richmond Highway in Alexandria.
In the official release Morris was quoted saying…
Belle Haven was an excellent source of investment revenue for many years but as some of the original investors retired or passed away, it was time for the remaining family members to divest their interests in the property and take the capital after years of appreciation.
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