GoodHomes Communities has acquired the Arlington Court Suites Hotel in a transaction brokered by HREC Investment Advisors in collaboration with KLNB.
The sale marks HREC's second transaction with GoodHomes Communities, a New York, NY-based private real estate investment company that acquires hospitality and senior housing assets for conversion into workforce housing.
The Virginia hotel is located along Arlington Boulevard (Route 50), approximately five minutes from downtown Washington, D.C. The property is also located near the Pentagon, Arlington National Cemetery, Ronald Reagan Washington National Airport and National Landing.
Denver-based HREC Investment Advisors and KLNB represented the seller. The transaction was led by HREC's Mark Morris, SVP; Scott Stephens, COO and senior principal; and George Davis, senior associate. Meanwhile, KLNB's multi-family capital markets team included principal Rawles Wilcox, SVP Justin Shay and vp Dutch Seitz.
“This transaction showcased the value of two teams working together to maximize market exposure and achieve the strongest possible outcome for the seller,” Morris said in a statement. “We attracted significant interest from both traditional hotel operators and multi-family developers, resulting in more than 20 competitive offers.”