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Nov. 26, 2013

ASB Acquired Suburban DC Apartments for $222M

Sedona-Slate-exterior thumbnailBy Dees Stribling, Contributing Editor

Arlington County, Va.—ASB Real Estate Investments has acquired two recently completed apartment community in Rosslyn, Va., for a total of $222 million. All together, the properties total 474 units in adjoining 15- and 12-story buildings known as Sedona-Slate.

Six months after completion, the 271-unit Sedona tower is nearly 90 percent leased. Slate, with 203 units, opened in October and is 25 percent leased. The units in both buildings feature floor-to-ceiling windows, stainless steel appliances and wide-plank wood flooring. Both buildings also have rooftop pools, fitness centers, resident lounges and business centers. The community also includes 10,080 square feet of street-level retail and an underground garage for parking 432 cars.

The seller was the JBG Cos., with the sale made on behalf of ASB’s Allegiance Fund, a $3.1 billion core real estate vehicle. Paul Collins, Bill Collins and Christopher Doerr of Cassidy Turley represented the JBG Cos. in the transaction.

Rosslyn is an unincorporated part of Arlington County across the Potomac from the Georgetown district of Washington, D.C. The properties are near Rosslyn’s Blue and Orange (as well as future Silver) line Metro stations, and are within walking distance of Georgetown’s shopping district via the Key Bridge.

The Sedona-Slate investment brings DC-based ASB’s greater Washington area real estate portfolio to about $478 million in 11 assets. In 2013 in Washington, D.C., ASB has also purchased 801 North Capitol St., an office building near Union Station, for $53 million, and a retail property located at 3299 M St. in Georgetown for $3.4 million.

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