WC Smith Acquires The Albemarle DC Apartments from AvalonBay for $69.8M via TOPA Process

Washington, DC-based developer and property manager WC Smith acquired The Albemarle, a 234-unit apartment building at 4501 Connecticut Avenue NW near the Van Ness Metro station, from AvalonBay Communities for $69.8 million ($298,291/unit) on March 31, 2026. The sale was the result of a Tenant Opportunity to Purchase Act (TOPA) process, with WC Smith partnering with the building's tenants association to facilitate the purchase. Walker & Dunlop provided a $52.5 million acquisition loan. AvalonBay had owned the 1960s-era property since 2013. - WC Smith: DC-based multifamily owner and operator managing more than 90 properties throughout Washington; this is its first acquisition in over two years. - AvalonBay Communities (NYSE: AVB): Arlington, VA-based apartment REIT that has sold five DC buildings in under a year as part of portfolio optimization. Walker & Dunlop provided a $52.5 million acquisition loan, representing approximately 75% LTV. The TOPA process allowed WC Smith to structure the acquisition efficiently.