Arlington Multifamily Changes Hands — And Its Name — in $105M Deal
Mid-Atlantic real estate firm Penzance has acquired Jasper Columbia Pike, a 269-unit multifamily property in Arlington, Va., for $105 million.
The seller was Avalon Bay Communities, which acquired the asset, then known as Avalon Columbia Pike, in September 2016 for $102 million.
The apartment complex is at 1028 S. Walter Reed Drive just off the Columbia Pike, a major transit artery that runs through Arlington.
“We seek out high-quality existing or potential residential properties near proven economic centers and with retail amenities and good transportation options, which is exactly what this property has,” Cristopher White, managing director of investments at Penzance, told Commercial Observer.
“The neighborhood features easy access to public transportation and continues to deliver exciting retail options, with some great retail tenants in the building itself — and more to come.”
Units in Jasper Columbia Pike range from studios to one- and two-bedrooms. Amenities include a golf simulator room, resort-style pool with cabanas, an outdoor courtyard with barbecue grills, a business center, plus a fitness center with cardio and strength-training equipment.
The new ownership is currently evaluating options and expects to make some renovations in the near future, according to White. The property was completed in 2009.
Greystar is managing the building on behalf of the new owner.
Northmarq’s Chris Doerr, Will Harvey and Shack Stanwick represented both sides in the deal.
Keith Loria can be reached at firstname.lastname@example.org.