ARLINGTON, VA. — GoodHomes Communities has acquired Arlington Court Suites in Alexandria for $35 million and plans to convert the 187-unit hotel into a 180-unit multifamily community. The KLNB multifamily capital markets team led by Rawles Wilcox, Justin Shay and Dutch Seitz and the HREC Investment Advisors team of Mark Morris and Scott Stephens represented the seller, Arlington Hotel Holdings Inc. GoodHomes is a New York City-based investor that acquires under-performing hospitality and seniors housing assets and redevelops them as workforce housing serving residents earning between 60 and 120 percent of area median income.
Constructed in 1963, the building was originally an apartment complex before transitioning into an extended-stay hotel during the 1980s. Its existing layout features a mix of studios, one-, two- and three-bedroom floor plans. GoodHomes has secured approval from Arlington County for the redevelopment. A construction timeline and additional project details were not disclosed.