ARLINGTON, VA—A source tells GlobeSt.com that North Tract Lofts, a 184-unit apartment building at 309 10th St., is trading for $68.3 million, or $370,924 per unit. The buyer, the source tells us, is Dweck Properties and the seller was a JV involving BlackRock. GlobeSt.com has been unable to contact Dweck Properties for comment. The source also reports that the cap rate for the trade is 5%.

The sale is, of course, emblematic of the ongoing lure of apartment assets even as fundamentals continue to become less favorable. For example, while apartments in Northern Virginia, according to Delta Associates, only experienced a modest increase in absorption over the past year compared to other sub-state areas, the area's 36-month pipeline -- more than 40% of which is located in Northern Virginia -- continues to rise.

The trade is also interesting because of the buyer, if the source's report is accurate. Dweck Properties recently sold America's Square for $500 million or $1,083 per square foot. GlobeSt.com had reported that this sale was pending before it was offiically announced, based on a report from the same source as the one that told us about the North Tract Lofts sale.

For the record that makes two recent sales by Dweck and one sale it hopes to make. At the beginning of the year, Dweck placed a one million square foot portfolio on the market. Located in Arlington, it is 87% leased; 66 percent of which is occupied by the federal government's National Science Foundation through December 2017.

Last November, Lincoln Square, a 422,354-square foot office building in DC's East End, traded for about $300 million or roughly $743 per square foot. Rockrose Development acquired the 13-story building from Ralph Dweck via the Lincoln Circle Associates LLC.

JLL brokered the North Tract Lofts deal, according to the source; GlobeSt.com reached out to the broker after hours for comment.