Ballstone Place. Photo by AvalonBay.ARLINGTON, VA–The Ballston Place transaction that we reported was pending earlier this summer has closed with Akelius Residential AB buying the 382-unit apartment complex for $170 million, or $445,026 per unit.
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The mid-rise property is 95% occupied and also has about 5,000 square feet of street retail.
The Washington DC area has seen an uptick in deal closings lately. Last week we reported that 3333 Wisconsin Ave. traded. We have since learned the price paid was $42.5 million, or $425,000 per unit.
Another deal that was announced without pricing was the sale of The Jefferson Building. That has traded for $41.9 million, or $576 per square foot.
Also, earlier this month CIM Group announced it was acquiring The Trellis House at 907 Barry Pl., NW in Washington DC. The 319-unit property sold for $128 million, or $401,254 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.
