THE ALATE OLD TOWN ALEXANDRIA
Dual Representation on a $56.8 Million Acquisition Delivering Permanent Senior Housing in Alexandria, Virginia
Alexandria, Virginia
Project Overview
CPG represented both the buyer and the seller in the $56.8 million sale of The Alate Old Town, a newly built 133-unit senior living community in Alexandria, Virginia. The buyer, the Alexandria Redevelopment and Housing Authority (ARHA), acquired the property as permanent relocation housing for age-eligible residents of the Ladrey Senior Hi-Rise, whose planned redevelopment had become financially infeasible. The transaction closed on August 6, 2025.
Acting as advisor to both sides, CPG helped align a seller seeking to exit a completed asset with a public housing authority operating under a compressed HUD-driven relocation timeline, delivering a transaction that met the objectives of both parties.
The Assignment
Represent both the seller of The Alate Old Town and the buyer, ARHA, in the sale of the property, coordinating a transaction structure, timeline, and closing that satisfied the seller’s disposition objectives and the buyer’s urgent need for a replacement senior housing asset.
The Challenge
ARHA’s original plan to redevelop the 170-unit Ladrey Senior Hi-Rise, approved by City Council in January 2024, became infeasible as construction costs, interest rates, and tax credit equity pricing shifted. HUD subsequently terminated operating support for the building and required ARHA to relocate more than 150 residents, authorizing 168 vouchers to support the move. ARHA needed to secure a qualified replacement property quickly, while the seller of The Alate was separately seeking to exit the newly built asset. Closing the transaction required aligning both parties’ timelines with City Council approval, Virginia Resources Authority bond financing, and a City moral obligation pledge.
CPG’s Strategy
Representing both sides of the transaction, CPG worked to structure a sale that satisfied the seller’s exit objectives while giving ARHA the certainty it needed to secure financing and City approvals on a compressed schedule. CPG coordinated pricing, due diligence, and closing timing so the transaction could proceed alongside ARHA’s bond process and its HUD-mandated relocation deadline, ultimately closing the day after City Council’s approval took effect.
CPG’s Role
- Dual representation of buyer and seller
- Transaction structuring and pricing coordination
- Alignment of closing timeline with City Council approval and Virginia Resources Authority bond financing
- Due diligence and closing management
- Coordination of transaction timing with ARHA’s HUD-mandated resident relocation deadline
Transaction Highlights
| Transaction Type | Dual Representation (Buyer & Seller) |
| Buyer | Alexandria Redevelopment and Housing Authority (ARHA) |
| Property | The Alate Old Town Senior Living Facility |
| Location | 1122 North First Street, Alexandria, Virginia |
| Purchase Price | $56,800,000 |
| Asset Type | 133-Unit Senior Living Community (Age 62+) |
| Financing | Virginia Resources Authority Bonds, Backed by City Moral Obligation |
| Closing Date | August 6, 2025 |
| Buyer’s Use | Permanent Relocation Housing for Ladrey Senior Hi-Rise Residents |
| CPG Services | Buyer & Seller Advisory, Transaction Structuring, Due Diligence, Closing Management |
The Result
The transaction closed on August 6, 2025, giving ARHA 133 units of newly built, age-restricted housing to permanently relocate residents from the Ladrey Senior Hi-Rise while preserving their existing rent costs. The seller completed a clean exit from the asset. The acquisition satisfied HUD’s relocation mandate and gave ARHA a viable path forward after its original redevelopment financing fell apart, while positioning the agency to pursue renovation of the original Ladrey building beginning in early 2027.
Why This Matters
Public housing authorities increasingly face situations where a previously viable redevelopment plan is overtaken by shifts in debt and equity markets. This transaction shows how dual representation can help both sides of a deal move quickly toward a shared close, especially when one party is a mission-driven organization working against a hard, externally imposed deadline. CPG’s role illustrates how aligned, coordinated advisory work can turn a strategic pivot into a completed transaction that serves both a seller’s exit needs and a buyer’s public mission.