Stuart ShiffWASHINGTON, DC–Last month a JV in which AvalonBay Communities holds 20%, sold Avalon Woodland Park, a 392-unit apartment building in Herndon, Va. The REIT didn't disclose the buyer in its earnings release but it did report the price: $94.2 million.
The buyer, it turns out, was a JV between San Francisco-based DivcoWest Real Estate Services and the Arlington, VA-based Blackfin Real Estate Investors. The partnership has renamed the community Adara Herndon.
This is the fifth acquisition by DivcoWest in the DC area over the last year-and-a-half and comes as the company formalizes its relationship with the city. Divco West has opened an office at 1620 L St, NW.
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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.
