ALEXANDRIA, VA—Avalonbay Communities has acquired an apartment building in the Washington DC area after a long investment drought in its home base. The Arlington, VA-based REIT has purchased JBG Cos. and MRP Realty's The Alric at The Exchange at Potomac Yards via an LLC it established earlier this month, according to a state filing and a source, which provided more details about the transaction.
The property traded for $108.3 million, or $335,139 per unit. The two-building, five-floor complex is located at 731 Seaton Ave., and has been rebranded Avalon Potomac Yard.
JBG Cos. and MRP Realty delivered the property in 2014.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.