672 Flats

ARLINGTON, VA–Chevy Chase Land Co. has acquired 672 Flats from Penrose Group for $90 million, or $520,231 per unit, in a 1031 exchange transaction, according to Real Capital Analytics.

The five-story, 173-unit apartment building is located at 672 Glebe Rd., in Arlington and delivered this year. It also has about 4,400-square feet of street level retail.

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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.