AvalonBay, Penzance Make $105M Deal
This Class A asset comprises 269 units.
Penzance has purchased the 269-unit Jasper Columbia Pike in Arlington, Va., from AvalonBay Communities for $105 million, according to public records. Greystar is now the manager of the community formerly known as Avalon Columbia Pike. Northmarq Managing Director Chris Doerr, Senior Vice President Will Harvey and Associate Shack Stanwick brokered the transaction.
The sale price was only $3 million higher than the one of the previous transaction; AvalonBay had acquired the Class A asset for $102 million from DSF Group in 2016.
The eight-story community comprises studio, one- and two-bedroom floorplans ranging from 569 to 1,391 square feet, according to Yardi Matrix data. Common-area amenities include a golf simulator room, pool with cabanas, courtyard with barbecue grills, clubhouse, fitness center and business center. The property, which was completed in 2009, also includes 27,000 square feet of retail and 400 parking spaces.
Located at 1028 S. Walter Reed Drive, the community is less than 2 miles northwest of Army Navy Country Club, surrounded by several retail, dining and entertainment options. Pentagon City is also some 3 miles east of the property, while Ronald Reagan Washington National Airport is some 5 miles west.
Last month, AvalonBay sold a workforce housing community in Daly City, Calif. BRIDGE Housing acquired the 196-unit property for nearly $67 million.