BXP Selling Reston Town Center Apartments for $240M: Report

A two-building apartment sale that’s on the verge of closing in Northern Virginia is set to become the priciest multifamily deal in the region in over a year — as well as the biggest sale ever at BXP’s Reston Town Center. 

A partnership between Sterling Investors and Simpson Housing have reportedly reached a deal for BXP’s Signature, a 508-unit complex at 11850 Freedom Drive in Reston, according to Green Street News, citing anonymous sources. Although an exact price was not disclosed, sources told Green Street that the price was “in line” with BXP’s expectation of $240 million.

The 22-story towers are 95 percent occupied and feature about 25,000 square feet of fully leased retail space. If the deal is anywhere close to the $240 million mark, it becomes the biggest in Northern Virginia since Bridge Investment Group’s $250 million buy of Dulles Greene in Herndon in fall 2024. 

The sale would also set a record price for Reston Town Center, by far, according to Green Street data. That title currently belongs to Carmel Properties’ $141 million purchase of the 359-unit Avant at Reston Town Center, which closed in late 2022. 

Eastdil Secured is brokering the deal on behalf of BXP. Representatives for the seller and for Sterling and Simpson did not immediately respond to requests for comment. 

BXP meanwhile is going all-in on Reston Town Center. The real estate investment trust recently won approval from the Fairfax County Planning Commission for the megadevelopment’s second phase, dubbed RTC Next. The expansion calls for an additional 4 million square feet of mixed-use buildings, including nearly 1 million square feet of office space. While building that much office is a risky venture these days, Reston Town Center is nearly 100 percent occupied by firms such as human resource and financial management platform Workday, which in October more than tripled its footprint in the district. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.