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Record Multifamily Sale in Washington D.C.
Equity Residential sold Archstone Crystal Towers located in Arlington, Virginia to Dweck Properties for a record $322.25 million. Built in 1968, the two 12-story towers have 912 units, a sports club, rooftop deck and business center, Jones Lang LaSalle reports.
The property was renovated in 2002 and has undergone capital improvements over the last five years, worth $8.7 million. Located less than a mile from The Pentagon, the multifamily property broke the record for the largest sale in the Washington D.C. region.
The consultancy also reported three other multi-family deals in D.C> :
- Avalonbay Communities has sold the 564-unit multifamily community Avalon at Discovery in Rockville, Maryland to WAFRA Investment Advisory Group and Stella Advisors for $135 million. A $91.5 million loan was financed by HSBC. The apartment property has 22-buildings and includes two outdoor swimming pools, a fitness center, tennis courts and an outdoor lounge and kitchen.
- Home Properties sold the 450-unit apartment community Falkland Chase in Silver Spring, Maryland to JBG Companies for $98 million. The 22.28-acre property is located on three plots of land and consists of 57 two- and three-story brick buildings. The North plot has been approved to develop up to 1,250 residential units and 70,000 square feet of retail space.
- Federal Capital Partners and Angelo Gordon sold Woodvale Apartments in Silver Spring, Maryland for $53.2 million. The 24-building, 376-unit community was purchased by a joint venture between Laramar and Lubert-Adler. Built in 1981, the 20.13-acre property was renovated in 2006 and now offers updated apartment amenities.
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