Bozzuto, Invesco Real Estate Buy NoVA Apartments for $147M
The deal is the joint venture’s second purchase since launching a $330 million investment fund earlier this summer
By Nick Trombola August 21, 2025 2:35 pm
reprints
Nearly a year and a half after closing its first multifamily buy in 16 years, Bozzuto and joint venture partner Invesco Real Estate are raising the bar with a 454-unit purchase in Northern Virginia.
The pair have acquired the two-building Ashton at Dulles Corner, at 13958 Mansarde Avenue in Herndon, for $147 million, according to the Business Journals. An affiliate of Greystar sold the property, having acquired it in 2017 for $107 million.
The purchase is the second made by the Bozzuto and Invesco joint venture since launching a $330 million investment fund earlier this summer. In July, the pair acquired Enders Place at Baldwin Park, a 220-unit complex in Orlando, Fla., for $73.6 million, according to reports at the time. The fund, which has an overall deployment cap of $1 billion, is aimed at properties developed since 2000 with at least 150 units.
“This acquisition reflects our shared commitment to identifying and enhancing high-quality communities in thriving markets,” Toby Bozzuto, Bozzuto’s president and CEO, said in a statement. “Northern Virginia continues to see strong job growth, and we look forward to elevating Ashton at Dulles Corner through thoughtful renovations and best-in-class management.”
The new owners also plan to renovate most of Ashton at Dulles Corner, with upgrades planned for amenity spaces, hallways, common areas and about 75 percent of the units, per Bozzuto.
Rather than buying up multifamily properties, Bozzuto had opted for several years to build them instead. Those projects include Chevy Chase Lake, a six-acre, three-apartment, mixed-use community in Chevy Chase, Md., with the Chevy Chase Land Company. That property was completed in 2023, yet the firm was ready to pivot back to acquisitions by the following spring.
New construction of apartment buildings had become prohibitively expensive, Bozzuto told Commercial Observer at the time, adding that it was presently “more advantageous” to purchase pre-existing properties.
Thus came Bozzuto’s $45.5 million deal last April for Gables 12 Twenty One, a 132-unit complex in Rosslyn, Va. Bozzuto acquired the property, which it renamed The Alcott, from Gables Residential and subsequently landed a $27.3 million Freddie Mac loan from Berkadia to finance the purchase.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
