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Akridge Sells Westfields Office Site Rezoned for Mixed-Use

DULLES, VA-The two buyers will begin development on the townhome, multifamily and retail components this summer.

By Erika Morphy | erikamorphy | | Updated on July 18, 2016
Preserve at Westfields Preserve at Westfields

DULLES, VA-Akridge announced on Monday that it sold the Preserve at Westfields to two buyers — the McLean, VA-based Elm Street Development and Northwood Ravin of Charlotte, NC.

Akridge has rezoned the site from 1.2 million square feet of office into a mixed-use development that will have 155 town homes, 650 multifamily units and 15,000 square feet of retail.

Akridge finalized the sale of the town home component of The Preserve to Elm Street Development in May 2016. Construction is slated to begin this month, with the first town homes scheduled to deliver in the summer of 2017.   The sale of the multifamily and retail component to Northwood Ravin was finalized late last month. John Sheridan and Nathan Barth of CBRE’s Multifamily Investment Property team represented Akridge in the transaction.

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