Combined Properties Snags VA Asset for $41M
- Jun 20, 2018
Combined Properties Inc. has expanded its Washington, D.C.-area portfolio with the purchase the 200-unit, former Homestead at Reston community, renamed Reston Glade. According to public records, Pantzer Properties sold the asset for $40.6 million.
The property is located at 12265 Laurel Glade Court in Reston, Va., providing easy access to Dulles Access Road Route 267 and Route 286. A Target-anchored retail center and central Reston are both within a 10-minute drive of the site. The future Reston Town Center metro station, due for completion in 2019-2020, is a five-minute walk away.
Built in 1974, Reston Glade includes 36 one-bedroom, 94 two-bedroom and 70 three-bedroom units. At the time of the sale, the occupancy rate was 96 percent. Tenants have access to services provided by the neighboring Reston Association, which include:
- 1,350 acres of open space
- 55 miles of paved pathways and trails
- 15 swimming pools
- tennis courts
“Reston Glade will become a community known for its location and amenities, while still providing value for its residents,” said Ronald Haft, chairman of Combined Properties, in prepared remarks.
Combined Properties Inc. is developing a 551,000-square-foot residential and retail development in Fairfax, Va., marketed as Scout on the Circle. In February, HFF arranged a $115.4 million construction loan for the upcoming project, slated for completion in 2021.
Image courtesy of Yardi Matrix