RESTON, VA-JBG Cos. has snapped up an Archstone asset for an undisclosed price. The property is Archstone Charter Oak, a 262-unit apartment community located at 11637 Charter Oak Ct. It is within a mile of the future Wiehle Avenue stop on Metro’s new Silver Line, which is expected to open in 2013.
The interest level in the asset was incredibly high, ARA’s Drew White, who helped broker the deal, tells GlobeSt.com. “We had 32 tours of the property. It is testimony to what will happen with Reston when the metro opens there next year.” Indeed, apartment activity in the submarket—especially along the future Silver line—is particularly strong. As just one example, Renaissance Centro just broke ground on Parc Reston, a 360-unit multifamily project with two penthouse levels that will be located close to the new Silver Line Metro station.
JBG will do well it, not only for the location but also because of its potential expansion options, White predicts. “It has a zoning potential of up to 50 units for the acre.”
ARA, for its part, is having a banner year, White says. It has four closing in December worth $150 million in the aggregate. Two of the properties are in the DC area, the other two are in the Hampton Roads, VA area.
Built in 1970, Charter Oak is a brick, garden-style apartment community that sits on 12.3 acres. The property is not part of Archstone’s blockbuster agreement to sell its portfolio to Equity Residential and AvalonBay.