ARLINGTON, VA–Crystal Square, a 388-unit apartment building located at 1515 Jefferson Davis Hwy here, has traded for $135 million approximately, or $357,143 per unit, according to a source.
The buyer is Dweck Properties and the seller is a JV between the Carlyle Group and Bainbridge Cos. The principals were unable to be reached immediately for comment.
The last time this property traded was in 2007 for $122.7 million.
This is the first major transaction for Dweck Properties this year, following a similarly tepid 2016 when the company mostly refinancing some of its holdings and acquired the Sutton, a 420-unit midrise building in Woodbridge, Va., for $104 million while selling, separately, the Ballston Metro Center, a 235,568-square foot office building directly above the Ballston Metro Station, for $69.5 million.
In 2015, however, the company was very active buying and selling off a number of properties in the area.
ARLINGTON, VA–Crystal Square, a 388-unit apartment building located at 1515 Jefferson Davis Hwy here, has traded for $135 million approximately, or $357,143 per unit, according to a source.
The buyer is Dweck Properties and the seller is a JV between the Carlyle Group and Bainbridge Cos. The principals were unable to be reached immediately for comment.
The last time this property traded was in 2007 for $122.7 million.
This is the first major transaction for Dweck Properties this year, following a similarly tepid 2016 when the company mostly refinancing some of its holdings and acquired the Sutton, a 420-unit midrise building in Woodbridge, Va., for $104 million while selling, separately, the Ballston Metro Center, a 235,568-square foot office building directly above the Ballston Metro Station, for $69.5 million.
In 2015, however, the company was very active buying and selling off a number of properties in the area.
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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.
