Dulles GreeneHERNDON, VA–Dulles Green, a 806-unit garden apartment complex with 31 buildings is trading for $193 million, or $239,454 per unit. The seller is a JV between Toll Bros. and Lowe Enterprises and the buyer is Harbor Group International, according to Real Capital Analytics. Located at 2150 Astoria Circle, the property, which was bought for renovation, is about 96% occupied.
The Harbor Group has a strong presence in the Washington DC area, making periodic investments. In June, for example, it acquired Sussex At Kingstowne, a 556-unit garden apartment property, is trading for approximately $144 million or $258,993 per unit. It also acquired One Dulles Tower, a 13-story, 403,622 square foot Class A office tower in Herndon, Va., for $226 million earlier this year.
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Last year Harbor Group made what it said was its largest purchase ever — 25 apartment complexes in five metro areas including the DC area and Baltimore for $1.8 billion. The other cities in which the 9,677 units were located were Boston, Philadelphia and Chicago.
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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.
