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.
Chevy Chase Land Co. recently sold a 69,601-square foot building in Downtown Bethesda to Saul Centers for $35.5 million.