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Charles E. Smith Residential Realty Inc. has acquired Reston Landing, a new 400-unit apartment building, for about $44 million, or $110,000/unit. The seller was an affiliate of the Foulger Pratt Cos., and the deal was consummated according to an agreement prior to the start of construction in 1998.

The transaction was funded through a Section 1031 exchange involving the $41 million disposition of Worldgate Centre, a 231,000-sf retail center in Herndon. Rappaport Cos. of Vienna, VA, bought Worldgate.

Reston Landing is within walking distance of Reston Town Center, a retail, entertainment and office center. Several office buildings, a townhouse complex and a hotel are planned for the area.

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