Arlington’s Newly Built Grayson Flats Sold for $33M
By Adrian Maties, Associate Editor
Insight Property Group and Buvermo Investments Inc. sold the Grayson Flats apartments in Arlington for $33 million, or roughly $492,500 per unit. The buyer, an affiliate of local development company Silverwood Cos., acquired the property about a month after it was finished.
Arlington-based Insight Property Group broke ground on the Grayson Flats project in March 2012. The complex, at 1200 N. Rolfe St., was constructed on a 1.7-acre piece of land acquired by Insight in June 2010. Before starting construction, the developer demolished an existing 55-year-old apartment complex on the site.
The property is located in the desirable Rosslyn-Ballston Corridor of Arlington County, Virginia. It features 67 luxury residential units averaging 1,100 square feet. The largest units–with two bedrooms, two-and-a-half baths and a den–offer more than 1,450 square feet of living space. Some homes also include their own 400-square-foot rooftop terraces. Community amenities include garage parking under the building; a fitness center; a lounge with a kitchen, bar, cyber café, Wi-Fi and billiards area; bike storage; and an electric car charging station.
According to Insight’s Web site, the total cost of the project was $25.2 million. It was designed by Lessard Design Inc. and Preston Partnership and was completed in April of this year. Clark Builders Group was the general contractor.
“Grayson Flats was built to top-of-the-market specifications. The architecture, common areas and unit interiors are exquisite,” said Insight Principal Michael Blum in a statement for the press. “We built the property to accommodate a luxury rental or a condominium community, and the sales price reflects that.”
Reston-based Silverwood Cos. plans to sell the project as condominium homes. The Washington Business Journal reported that the new owner will rebrand the complex as the Avery.
Click here for more market data on Washington, D.C.
Photo credit: Insight Property Group