AvalonBay's $146M Multifamily Deal is the Latest for DC

GAITHERSBURG, MD-Arlington, VA-based AvalonBay Communities has acquired two apartment complexes in suburban Washington for a total of $146 million. AvalonBay paid $101 million for Grove Park, a 684-unit apartment community here and $45 million for Briarwood, a 348-unit apartment community in Owings Mills, MD. Grove Park was built in 1974 and renovated in 2005 and 2006. The seller was Federal Capital Partners and Angelo, Gordon. Briarwood is an 11-year-old development that includes townhomes.

The acquisitions were the fifth and sixth purchases made through the AvalonBay Value Added Fund II. During the recession AvalonBay recognized far earlier than other firms that multifamily was going to recover sooner than other sectors—a fact that is today quite obvious. Besides snapping up properties across the nation, the REIT is also launching an ambitious development program in select markets. In the DC area, it plans to build Avalon Park Crest in Tysons Corner, VA, for example.