Bozzuto, Invesco Expand $1B JV with DC-Area Purchase
This is the second acquisition made by the partners.
A joint venture between Bozzuto and Invesco Real Estate has acquired Ashton at Dulles Corner, a 454-unit multifamily property in Herndon, Va. It is the second purchase made in the firms’ joint $330 million investment program, which has a $1 billion deployment capacity.
The fund targets communities built in 2000 or later that have 150 or more units, located in markets including New York, New Jersey, Massachusetts, Washington, D.C., North Carolina, Tennessee, Georgia and Florida. Last month, the firms kicked off their partnership with the purchase of Enders Place, a 220-unit property in Orlando, Fla., from TA Realty.
Ashton at Dulles Corners was acquired by Greystar in September 2017, when it purchased the Fairfax County property for $107 million from Multi-Employer Property Trust, according to Yardi Research Data. The property was recapitalized in November 2021 in a $149.5 million sale that added Ivanhoé Cambridge to the ownership group. MEPT had paid $102 million for the asset in December 2010, when it purchased it from Fairfield Residential. Originally known at Fairfield at Dulles Corner, the property was completed in 2009.
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Located at 13958 Mansarde Ave. in Northern Virginia’s Reston-Herndon corridor, Ashton at Dulles Corner is situated in one of Metro Washington, D.C.’s fastest-growing economic hubs. The partnership is planning significant upgrades to approximately 75 percent of the residences as well as amenity spaces, corridors and other common areas.
Toby Bozzuto, president and CEO of Bozzuto, said in prepared remarks that Northern Virginia continues to see strong job growth and the partners expect to elevate the asset through thoughtful renovations and best-in-class management.
Highlights in Reston-Herndon
Ashton at Dulles Corner was 97.6 percent occupied at the time of the sale, Yardi Research Data showed. Located on 20.08 acres, the property has two buildings spanning three, four and five stories. Ashton at Dulles Corner has a mix of studios, one-, two- and three-bedroom units, including two- and three-bedroom townhome residences. There are five studios with 524 square feet. The rest of the units range in size from 696 to 1,857 square feet with an average of 1,015 square feet. Rents range from $1,917 to $3,752 with an average of $2,487, according to Yardi Research Data.
The residences have stainless steel appliances, maple cabinetry, granite countertops, ceramic tile floors, crown molding, vaulted ceilings, above standard ceiling heights, large closets, garden tubs and in-unit washers and dryers. Select units have fireplaces and private balconies or patios.
Community amenities include a fitness center, business center, media room, clubhouse, two swimming pools and spas. The property has 793 parking spaces in a multi-level parking structure.
Ashton at Dulles Corner is less than 5 miles from Washington Dulles International Airport and 27.3 miles from Ronald Reagan Washington National Airport. The property is near several Metro Silver Line stations.
Three shopping centers, Village Center at Dulles, Arrowbrook Centre and Worldgate Centre, are within 2 miles of the property. There are five parks within 7.2 miles of the community and three nearby hospitals, including Reston Hospital Center, which is less than 5 miles away.
Bozzuto gets back into investing
One of the largest apartment management companies in the nation, Bozzuto has an operations portfolio of 130,000 multifamily units, as well as 4 million square feet of retail space. The company has developed, acquired and built more than 62,000 homes and apartments since 1988. Focused mainly on developing properties in recent years, Bozzuto began investing in properties again in 2024 with the $45.5 million purchase of a 132-unit property in Arlington, Va.
In May, Invesco’s REIT closed its first CLO. The $1.2 billion debt pool was secured by a portfolio of multifamily and industrial loans. The $85 billion global real estate platform of Invesco Ltd., Invesco Real Estate committed $3 billion in 45 unique loans in 2024 across North America and Europe. That was a 215 percent increase year-over-year. The financing transactions included about $200 million in floating-rate senior loans for the refinancing of two multifamily properties in Washington, D.C.
