AvalonBay's Ballston Place Sale Reportedly Pending
The 382-unit apartment high-rise is under contract for $170 million, or $445,026 per unit, according to a source.
ARLINGTON, VA–Swedish investor Akelius Residential AB is under contract to buy AvalonBay’s Ballston Place for $170 million, or $45,026 per unit, a source tells us. This news was first reported in Real Estate Alert and GlobeSt.com confirmed it with an independent source.
The 25-story apartment tower is about 95% occupied and includes about 5,000 square feet of street-level retail.
Akelius Residential has picked up a handful of assets in the Washington DC area in the last few years, although none in the price range in which Ballston Place is trading. In 2017 it acquired a two-asset multifamily portfolio in Capitol Hill for $34 million: Capitol East Apartments, a 120-unit multifamily community located at 518 9th St., NE and 816 E St., NE, and Lexington Apartments, a 48-unit multifamily community located just blocks away at 1114 F St. NE.
It also acquired Whispering Oaks, a 49-unit apartment building in Arlington for $13.5 million, or $275,510 per unit.
In 2016 it acquired the Century, an 88-unit apartment building located at 2651 16th St NW, for $16.5 million as well as Reg Rosa Plaza, located at 2900 Adams Mills, for $8.5 million.