Boston Properties Pockets $141M for Virginia Asset

The sale represents the final stage of a reverse 1031 exchange.

The Avant

The Avant. Image courtesy of JLL

Boston Properties has sold The Avant, a 359-unit luxury multifamily community in Reston, Va., within the Reston Town Center mixed-use development. JLL Capital Markets brokered the $141 million transaction on behalf of the seller and secured acquisition financing for the buyer.

The disposition represents the final stage of a reverse 1031 exchange that started with BXP’s $730 million acquisition of Madison Centre, a 755,000-square-foot, Class A office property in Seattle, Wash. To complete the exchange, the firm sold a 480,000-square-foot office building in Washington, D.C., The Avant and two land parcels in Dulles, Va., for a combined $700 million.

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The Avant came online in 2014 on a 2.5-acre site at 12025 Town Square St. The 14-story building encompasses a mix of studio, one-, two- and three-bedroom floorplans averaging 917 square feet.

Granite countertops, stainless steel appliances and hardwood-style flooring are among the in-unit amenities at the Class A property. As for the common-area amenities, The Avant features an outdoor patio and lounge, rooftop dog park, club room and fitness center, as well as outdoor terraces with grilling stations and dining seating, private meeting rooms and conference areas.

JLL Senior Directors Bret Thompson and Robert Jenkins represented the seller. Senior Managing Directors Charles Halladay and Jamie Leachman, Senior Director Chris Hew and Director Matt Cimino led the JLL Capital Markets Debt team that arranged the acquisition financing for the buyer.

Where residential meets the live-work-play environment

With the rise in popularity of work from home blurring the lines between jobs and personal life, Reston Town Center was designed to be an urban downtown community, promoting a live-work-play environment. The LEED Platinum-certified, mixed-use development features more than 2,000 residential units, 5 million square feet of Class A office space and 400,000 square feet of retail offerings.

The development’s next phase will include will include a two-tower, 1.1 million-square-foot office campus, a hotel and retail space. Upon completion, the extension will have added 4.4 million square feet and more than 6 acres of open space to Reston Town Center’s inventory.

The Avant’s central location within RTC offers access to outdoor recreation spaces and connectivity to Northern Virginia and Washington, D.C., employment hubs. The community is adjacent to several major roads, including Route 267 (Dulles Access Road) and Route 286 (Fairfax County Parkway), and benefits from the recently opened Reston Town Center Metro Station.

According to Yardi Matrix data, Greater D.C. continues to be a high-demand investor market, although the sales volume that was recorded in the metro in the first three quarters of 2022 witnessed a small decrease when compared to the same period of last year.

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