HERNDON, VA—GlobeSt.com has learned that Dweck Properties acquired a multifamily building here for $54.2 million, or $265,686 per unit, last month. The source also told us the property traded at a 4.2% cap rate.
ARA Newmark was the broker. GlobeSt.com reached out to principal Drew White for comment. Due to client confidentiality, he declined to discuss the cap rate or pricing of the transaction. The seller is JP Morgan. GlobeSt.com was unable to contact Dweck Properties.
The four-story, 204-unit Monroe Place is located at 2300 Woodland Crossing Dr. It delivered in 2008. The luxury apartment building is located close to Woodland Park Crossing, a mixed-use retail center.
Dweck Properties recently acquired another multifamily property in this submarket: last month it scooped up ICON at Dulles Station, a 457-unit, two-building apartment complex for $134.8 million, or $295,000 per unit.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
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.
