Family-Run Developer Trades NoVA Apartments for $100M
Arlington’s Erkiletian developed the property in the early 1970s
By Nick Trombola January 16, 2026 3:25 pm
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A family-owned development firm has traded an apartment community near Washington, D.C., for the first time in the property’s over 50-year history.
Arlington-based Erkiletian sold PeachTree of McLean, a 340-unit apartment complex at 2042 Peach Orchard Drive in Falls Church, Va., to an affiliate of MLG Capital for $100 million, Fairfax County records show. Erkiletian developed the property in 1972, according to the firm’s website, and has retained ownership ever since.
The sale price is well above the property’s latest assessed value of $81.7 million, and shakes out to $294,117 per unit. Berkadia’s Brian Crivella, Bill Gribbin and Yalda Ghamarian Howell arranged the deal on behalf of Erkiletian, according to the Business Journals, which first reported the news.
A spokesperson for MLG declined to comment. Representatives for Erkiletian did not immediately respond to a request for comment.
Berkadia in 2019 arranged a $63 million Freddie Mac green loan tied to PeachTree. Alongside the 10-year, fixed-rate loan deal, Erkiletian at the time committed to “improving the property’s water and energy efficiency” by 30 percent.
Erkiletian has shed other properties in recent months. In September, the firm sold a nearly 1-acre parcel at 501 Eye Street SW in D.C. to the Knutson Company for about $8.3 million. Shakespeare Theatre Company had intended to develop the property alongside Erkiletian to serve as its new hub within the District, but those plans were scrapped earlier in 2025. The theater company opted instead to purchase a nearly 27,000-square-foot office in D.C.’s Chinatown for $4.5 million.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
