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.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
