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.