AvalonBay Divests North Connecticut Avenue Asset in $69.8M Deal with WC Smith

AvalonBay continues its D.C. divestment streak, selling The Albemarle to local developer WC Smith in a $69.8 million deal facilitated by the TOPA process.

By: AXL Media

Published: Apr 1, 2026, 7:48 AM EDT

Source: Bisnow

The Albemarle Transaction and TOPA Facilitation

The sale of the 1960s-era property at 4501 Connecticut Ave. NW represents a significant shift in ownership for the Van Ness submarket. WC Smith secured the asset after being approached by a tenants association lawyer seeking a partner for a TOPA acquisition. This legislative framework, which grants tenants the right of first refusal when a building is put up for sale, allowed the residents to select WC Smith as their preferred new owner and manager.

The $69.8 million price tag reflects the ongoing value of well-located, mid-century multifamily assets in the District. A spokesperson for WC Smith noted that the firm already manages two other properties on the same block, suggesting a strategic move to consolidate their footprint in the Northwest corridor. The building was previously under contract to a nonprofit for affordable housing conversion in early 2025, but that deal ultimately failed to materialize.

AvalonBay’s Strategic Exit from District Proper

The disposal of The Albemarle is part of a broader "de-risking" or portfolio rebalancing strategy by AvalonBay Communities. Over the last 12 months, the REIT has offloaded nearly 1,500 units within Washington, D.C. limits, including a massive four-building portfolio sale to Foulger Pratt valued at nearly half a billion dollars. While AvalonBay maintains a massive regional presence with over 14,000 units in the D.C. metropolitan area, its recent activity suggests a cooling interest in the District's specific regulatory environment.

WC Smith’s Return to the Acquisition Market