Bozzuto Sells DC-Area Asset for $65M

The garden-style Reston property is located in the heart of the Dulles Tech Corridor.
J Harbor Park at North Point. Image courtesy of Jefferson Apartment Group

Invesco Real Estate, in partnership with Jefferson Apartment Group, has acquired J Harbor Park at North Point, a 190-unit community in Reston, Va. The Bozzuto Group’s disposition of the asset, previously known as The Apartments at Harbor Park, marks the partnerships second purchase. According to BisNow, the community traded for $65 million.

Located on a ten-acre site at 11410 Esplanade Drive, the community features one-, two- and three-bedroom apartments with floorplans ranging from 705 to 1,513 square feet. The 1997-built J Harbor Park at North Point encompasses five four-story buildings.

While the current seller completed renovations on the clubhouse, the joint venture plans to upgrade unit interiors. The property includes a swimming pool, a fitness center, a resident lounge, a sunroom, a business center along with grilling stations and a picnic area.

Location, location, location

J Harbor Park at North Point Interior. Image courtesy of Jefferson Apartment Group

Adjacent to Baron Cameron Park, the community is less than 2 miles from North Point Village Center and Lake Newport. Dulles International Airport is roughly 6 miles southwest of the property, while downtown Washington is 23 miles southeast.

The area’s major employers include Inova Health System, Amazon, Capital One as well as Fannie Mae. The Dulles Technology Corridor is also home to George Washington University’s Virginia Science and Technology Campus and the Janelia Farm Research Campus of Howard Hughes Medical Institute, both roughly 11 miles from the community.

The two companies previously teamed up in 2015, to acquire Jefferson MarketPlace, a 281-unit property in Washington, D.C. In August, Aventon Cos. appointed JAG to manage its 386-unit community in Gaithersburg, Md.

Invesco Real Estate is growing its portfolio in other niches too. In June, Invesco partnered with Mynd to form a joint venture with plans to invest $5 billion in acquiring 20,000 single-family rental homes nationwide.