Elme Communities finds new buyer for N. Va. apartment complex after previous deal falls through

July 28, 2026 - 00:37

Elme Communities has completed the sale of the Riverside Apartments in Fairfax County to FPA Multifamily for $250 million, marking a major step in the company's plan to wind down its operations. The transaction comes after a previous agreement to sell the property fell through earlier this year.

The apartment complex, located along the Potomac River, includes more than 700 units. The sale price reflects a significant premium over the original deal, which had been valued at around $230 million before the buyer backed out due to financing issues. Elme Communities, a real estate investment trust based in the Washington, D.C., area, has been gradually selling off its portfolio as part of a strategic exit from the multifamily market.

FPA Multifamily, a national owner and operator of apartment communities, plans to invest in upgrades to the property, including renovations to common areas and unit interiors. The company already manages several other properties in the region.

Elme Communities has now sold more than half of its holdings since announcing its wind-down plan last year. The remaining assets are expected to be marketed for sale over the next few months. Company officials declined to comment on future transactions but noted that proceeds from the sale would be used to pay down debt and return capital to shareholders.