Avison Young has been retained by NOVO Properties (the “Sponsor”) to arrange the sale of The Grayson (the “Property” or “1215 N Fayette Street”), a 119-unit multifamily property in Old Town Alexandria, VA. Delivered in November 2023, The Grayson is a premier building of exceptional quality with 17,424 square feet (sf) of ground-floor retail, a state-of-the-art fitness center, spacious outdoor terrace with a grill area, fireplace, TV, and 125 below grade parking spaces.

The Grayson features an unparalleled location at the “Gateway of Old Town Alexandria” along Route-1, which provides regional connectivity to Alexandria, National Landing, Arlington, and Downtown DC. The Property has taken advantage of the strong third and fourth quarter demand, increasing occupancy from 44% to 93% as of December 2024. The retail portion of the Property is 100% leased to The Goddard School of Alexandria and Kotadia Dental Practice.