JAG and Invesco Acquire Reston, Va. Apartment Community
A joint venture between Jefferson Apartment Group and Invesco Real Estate has acquired J Harbor Park at North Point, a 190-unit garden-style community in Reston, Va.
The price was not disclosed, but Bisnow reported the deal at $65 million. Apartment communities in Reston have been commanding big prices this year. In May, Akelius acquired the 346-unit Fairway Apartments at nearby 11659 N Shore Drive for $93 million. A month later, Snell Properties acquired Lincoln at Wiehle Station, a 260-unit multifamily community at 11500 Commerce Park for nearly $95 million.
This is the first sale since the property was originally built in 1996 by the Bozzuto Group, when it was known as Apartments at Harbor Park, according to records
Located at 11410 Esplanade Drive in the Dulles Technology Corridor, J Harbor Park at North Point is adjacent to Baron Cameron Park, and close to major employers such as Google, Facebook, Microsoft, and Amazon Web Services.
“This is an exciting acquisition for JAG as we further expand our footprint in the D.C. Metro region,” Jim Butz, JAG’s CEO, said in a prepared release. “This ideal location in the Dulles Technology Corridor allows residents convenient access to some of our nation’s preeminent technology companies. Not to mention, walkable, abundant local town centers and plazas.”
The community contains five four-story buildings situated on 10 tree-lined acres, offering a mix of one-, two- and three-bedroom apartments. Amenities include stainless steel appliances, private balconies and gas-burning fireplaces.
The property features a clubhouse with a 24-hour fitness center, resident lounge with fireplace, an indoor/outdoor screened-in sunroom, business center and resort-style swimming pool.
According to Butz, JAG is planning major renovations to the units, including updates to granite countertops, high-end kitchen finishes, upgraded bathroom fixtures, and new LVT flooring.
Keith Loria can be reached at email@example.com.