ARLINGTON, VA—Stafford Place I and Stafford Place II have been sold for $300 million, according to a report by Real Estate Alert (hat tip to CityBizList). Transwestern began marketing the two office buildings, along with a third in the portfolio, on behalf of Dweck Properties at the beginning of the year.

Stafford Place I is located at 4201 Wilson Blvd. It is a 586,878-square-foot, 12-story office building, which houses the National Science Foundation until its lease runs out in December 2017.

Stafford Place II is located at 4121 Wilson Blvd. It is an 11-story Class A office building located between the Ballston Metrorail station and the Ballston Common Mall. The 184,548-square-foot office building is 98% leased.

The third building in the portfolio is Ballston Metro Center, which located at 901 N. Stuart St. It is a 13-story, 235,000-square-foot multi-tenant office building with ground floor retail suites that are currently 47% leased due to a BRAC move-out by the anchor tenant.

Dweck Properties appears to be in active capital recycling mode, having acquired three local properties over the past several weeks. It purchased North Tract Lofts, a 184-unit apartment building at 309 10th St., also, in Arlington, for $68.3 million, or $370,924 per unit.

It purchased Gramercy at Metropolitan Park, another Arlington multifamily, for $190 million, or $476,190 per unit and at a 4.2% cap rate. Then it scooped up ICON at Dulles Station, a 457-unit, two-building apartment complex for $134.8 million, or $295,000 per unit.

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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.