Brookfield Sells Va. Multifamily Asset for $133M
By Anna Staropoli August 23, 2024 12:27 pm
reprints
Reston, Va.’s The Edmund at 2025 Fulton Street has changed hands in a nine-figure deal.
Norfolk-based Harbor Group International purchased Brookfield (BN)’s 352-unit complex for $133 million, Bisnow reported. Built in 2021, the building is seven stories high, and was the first housing development added to the otherwise retail and office-heavy $1.4 billion Halley Rise district. In total, the mixed-use community spans more than 30 acres.
Berkadia’s Brian Crivella, Bill Gribbin and Yalda Ghamarian Howell handled the sale, which closed in late July. It’s unclear if they brokered the deal for the landlord or the tenant.
The building also includes a parking garage and an 80,000-square-foot Wegmans, which opened in February 2023 as the grocer’s 15th outpost in Virginia. The Rochester, N.Y.-based shopping chain now anchors the apartment’s ground floor. The property also counts Chase Bank as a retailer.
Apartments in The Edmund are currently available for rent. Rates start at $1,770 a month for a studio, according to Harbor Group’s website. Next up for Halley Rise, Akridge and The Meridian Group plan to finish the 480-unit The Arbor in late 2024, according to the Akridge website.
Even more housing is slated for Fulton Street. Upon completion in 2026, the Halley Rise community will increase its overall housing options to 16,000 residential units, while its planned retail footprint amounts to 240,000 square feet.
On the office side, the community will include 1.9 million square feet of total office space. Already, the development includes One and Two Halley Rise, two six-story, 190,000-square-foot offices. These buildings are prioritizing sustainability through green energy, with LEED, WELL and Fitwel certifications.
Spokespeople for Brookfield, Berkadia and Harbor Group International did not immediately respond to requests for comment.
Anna Staropoli can be reached at astaropoli@commercialobserver.com.
