ANNANDALE, VA–The then-JBG Cos. sold the Fairmont Gardens, a 388-unit apartment complex here for $65 million. Capital Investment Advisors purchased the property in a value add play. JLL's Capital Markets' Christine Espenshade Robert Garrish and Shawn McDonald arranged the sale.
“The multifamily market in suburban D.C. is strong and poised for continued growth,” said Espenshade in a prepared statement. “Investors are seeking value-add product in prime locations, and Fairmont Gardens delivered on both fronts.”
JBG Cos., now JBG Smilth, has been selling off non-core properties as part of its merger with the spin off of Vornado's DC area business.
Other properties it has sold include 900 16th St., NW, which traded for $160 million or $1,250 per square foot — one of the highest sales prices for a District building on a per square foot basis.
JGB Smith began trading on the New York Stock Exchange last month on July 18.
ANNANDALE, VA–The then-JBG Cos. sold the Fairmont Gardens, a 388-unit apartment complex here for $65 million. Capital Investment Advisors purchased the property in a value add play. JLL's Capital Markets' Christine Espenshade Robert Garrish and Shawn McDonald arranged the sale.
“The multifamily market in suburban D.C. is strong and poised for continued growth,” said Espenshade in a prepared statement. “Investors are seeking value-add product in prime locations, and Fairmont Gardens delivered on both fronts.”
JBG Cos., now JBG Smilth, has been selling off non-core properties as part of its merger with the spin off of Vornado's DC area business.
Other properties it has sold include 900 16th St., NW, which traded for $160 million or $1,250 per square foot — one of the highest sales prices for a District building on a per square foot basis.
JGB Smith began trading on the
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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.
