Stuart ShiffWASHINGTON, DC–Last month a JV in which AvalonBay Communities holds 20%, sold Avalon Woodland Park, a 392-unit apartment building in Herndon, Va. The REIT didn't disclose the buyer in its earnings release but it did report the price: $94.2 million.
The buyer, it turns out, was a JV between San Francisco-based DivcoWest Real Estate Services and the Arlington, VA-based Blackfin Real Estate Investors. The partnership has renamed the community Adara Herndon.
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This is the fifth acquisition by DivcoWest in the DC area over the last year-and-a-half and comes as the company formalizes its relationship with the city. Divco West has opened an office at 1620 L St, NW.
The local office, which will be led by Managing Director Ryan Friend, will focus on sourcing regional acquisition opportunities and management of the firm's existing portfolio.
“This new office demonstrates our commitment to the Washington, DC market, which we believe to be one of the most attractive growth markets for the innovation economy,” said CEO Stuart Shiff.
Since March of 2017 DivcoWest has completed four acquisitions in the Washington, DC area on behalf of multiple investment partners. These investments include 1620 L Street, NW, a 171,000 square foot office building in the CBD submarket, 1133 15th Street, NW, a 213,000 square foot office building on the border of the CBD and East End submarkets and 1255 23rd Street, NW, a 350,000 square foot office building in the West End submarket. Since the acquisitions, DivcoWest has focused on enhancing the assets through capital improvements and leasing.
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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.
