Big NoVA Apartment Complex Sells for $237M
Boston-based DSF Group used $166 million in acquisition financing from M&T Realty Capital, Commercial Observer learned
By Nick Trombola February 5, 2025 6:13 pm
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The value of a major multifamily property acquisition in Northern Virginia has been revealed, proving it to be one of the region’s largest commercial real estate deals in 2024 that didn’t involve a massive data center.
Boston-based investment firm DSF Group acquired Town Square at Mark Center, a 678-unit community at 1459 North Beauregard Street in Alexandria, Va., for $237 million, or nearly $350,000 per unit, from an affiliate of Equity Residential (EQR). The Business Journals first reported the sale price.
M&T Realty Capital provided $165.9 million in acquisition financing to DSF Group for the sale, Commercial Observer learned last week, though the sale price was not disclosed at the time.
Town Square at Mark Center sits near the Winkler Botanical Preserve just north of Interstate 395. The gated complex offers units ranging from 707-square-foot one bedrooms, priced about $2,000 per month, to 1,240-square-foot three-bedrooms, which rent for $3,225 per month, according to Apartments.com.
While clearly one of the largest multifamily sales in the region in recent memory, the purchase is still overshadowed in terms of price by Bridge Investment Group’s roughly $250 million purchase in October of the Dulles Green Apartments, an 806-unit complex in Herndon, Va.
DSF Group’s deal for Town Square at Mark Center also closed around the same time as three other large multifamily sales in the DMV in December, exemplifying demand in the region. Mesirow paid $175.1 million for a 412-unit property in Tysons, Va.; Pembroke paid $158.3 million for a 267-unit property in Arlington; and Griffis Residential spent $115.3 million on a 229-unit building in Bethesda, Md.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
