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.
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Photo credit: Insight Property Group