Waterton Sells NoVA Apartment Complex to Abacus for $207M
By Nick Trombola October 30, 2024 2:59 pm
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Another large apartment complex has traded hands in Northern Virginia, marking at least the second multifamily investment sale to clear $200 million in the region in the past 30 days.
Chicago-based investment and management firm Waterton sold the 631-unit Residences at Springfield Station to Abacus Capital Group for $207 million, Fairfax County property records show. The deal for the complex, at 6600 Comet Circle in Springfield, closed on Sept. 30. The Business Journals first reported the news.
Waterton bought the complex in 2018 for about $172 million. The firm acquired it as part of an eight-property portfolio with other developments in Texas, Arizona and North Carolina, though the price it paid for the entire portfolio is unclear.
A spokesperson for Waterton declined to comment. Representatives for Abacus did not immediately respond to a request for comment.
The high-dollar sale in Springfield is one of several in Northern Virginia in recent months.
Waterton’s sale of the complex for example came around the same time as Harbor Group International’s sale of the Dulles Greene apartments in Herndon to Bridge Investment Group for about $250 million. HGI bought the building in 2018 for $193 million.
HGI has been a buyer too. In August, the firm paid $133 million for a 352-unit complex in Reston to Brookfield (BN).
Nick Trombola can be reached at ntrombola@commercialobserver.com.
