Greystar Acquires NoVA Multifamily Development Site on Trophy Corner for $19M
Greystar Real Estate Partners has acquired a 24,980-square-foot development site at the intersection of Clarendon Boulevard and Courthouse Road in Arlington, Va., for $19 million.
JLL (JLL) represented the seller, Carr Properties, in the deal.
“The site is a trophy corner in the Rosslyn-Ballston submarket prime for a high-end, luxury development with tremendous views of downtown Washington, D.C.,” Brian Crivella, a managing director in the D.C. office of JLL Capital Markets, Americas, told Commercial Observer. “The Rosslyn-Ballston Corridor continues to be among the most sought after multifamily markets in the D.C. [metropolitan statistical area].”
Located at 2025 Clarendon Boulevard, the site plan currently permits development of a 12-story, mixed-use building with approximately 195,870 square feet of office gross floor area and 6,960 square feet of retail gross floor area. An earlier residential zoning analysis revealed it could achieve residential uses yielding approximately 220 multifamily units.
The site is only steps from the Courthouse Metro Station, allowing access to all of Northern Virginia and D.C. Additionally, the property is near approximately 35 million square feet of office space and 5 million square feet of retail.
“Courthouse has tremendous demand drivers and benefits from multiple modes of transportation connecting to downtown D.C. as well as the fast-growing Northern Virginia employment submarkets,” Crivella said.
Joining Crivella on the deal were the JLL Capital Markets team of Senior Managing Director Jim Meisel, Managing Directors Walter Coker and Matt Nicholson, and Director Robert Jenkins.