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FALLS CHURCH, VA-A new multifamily building here has traded for $100.8 million. Pearson Square LLC sold the luxury apartment complex, called Pearson Square to Transwestern Investment Co. and its affiliate, Transwestern Multifamily Partners.

Jones Lang LaSalle managing directors Collins Ege, John Kevill, Jeff Morris and Jubeen Vaghefi brokered the sale. The developer of the newly developed property was Atlantic Realty.

JLL’s Real Estate Investment Banking team also arranged the $61-million acquisition financing on behalf of Transwestern. Managing director Wes Boatwright of JLL secured financing for the project through Allied Irish Bank. Interestingly, he tells GlobeSt.com, it didn’t prove hard to place the loan despite the upheaval in the credit markets. “I think a lot of that had to do with the quality of the construction–it is a well built project–and the fact that this is one of the few projects to come online in Falls Church.” The majority of housing options in the surrounding area are class C buildings, he says, that were built prior to 1980.

The quality of the buyer also was key to Allied Irish Bank, Boatwright continues. A routine forward sale, the project went under contract this summer and closed in December after the developer received the certificate of occupancy. The 230-unit property also has 19,000 sf of retail. There is a mix of one-, two- and three-bedroom units, underground parking, fitness center, pool and a club room.

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