Berkadia Leads $32M Sale of Reston Community
- Feb 22, 2017
Reston, Va.—Berkadia announced the $32 million sale of Reston Glen, a 200-unit community located at 12265 Laurel Glade Court in Reston, Va. The buyer was New York-based Pantzer Properties and the seller was Crescent Real Estate Equites of Fort Worth, Texas. Berkadia Senior Managing Director Scott Melnick and Managing Director David Oakley led the sale.
“Reston Glen is well positioned in one of the most dynamic submarkets of Washington, D.C,” Melnick said in a statement. “Pantzer Properties will be able to take advantage of economies by adding this property to its already significant roster of Northern Virginia holdings.”
Reston Glen is easily accessible from Virginia Route 267, Fairfax County Parkway and Virginia State Route 7. It is also situated 2 miles from Reston Town Center and less than 11 miles from both Dulles Town Center and Tyson’s Corner Mall. The community was built in 1974 and features one-, two- and three-bedroom units offering amenities such as a fitness and a business center, 17 laundry facilities, free Wi-Fi, barbecue and picnic areas, a playground and a resident lounge. According to Yardi Matrix data, the community is partially affordable and was 95 percent occupied as of January 2017.
Image courtesy of Yardi Mtrix