Trophy Residential Tower in Arlington, Va. Auctions for $118M
- Mar 26, 2010
Arlington, Va.– The Washington, D.C. office of HFF (Holliday Fenoglio Fowler LP says it has closed the sale of The Palatine, a 262-unit, Class A high-rise multi-housing community in Arlington, Va. Crescent Heights of America was the successful bidder at the foreclosure auction and purchased the property for $118 million.
The HFF investment sales team was led by Managing Director Dave Nachison and Director Alan Davis. HFF was engaged by the lenders to market the property for sale during the foreclosure process in the expectation that the price for the property would be maximized through a foreclosure auction.
Completed in 2008, The Palatine includes a mix of one-, two- and three-bedroom units that average 1,055 square feet each and feature condominium-quality finishes and spectacular Washington, DC and monument views, says HFF. Building amenities include a rooftop pool with sundeck, fitness center, Zen garden, 24-hour business center, bicycle storage and controlled access garage parking. The Palatine is located at 1301 North Troy Street in the Rosslyn-Ballston corridor of Arlington, Virginia two blocks from the Courthouse Metrorail station and minutes from downtown Washington, D.C.
“The Palatine was 95 percent occupied at closing in what is quickly becoming one of the tightest apartment submarkets in the entire metro D.C. area. All recently delivered apartment supply has been quickly absorbed and leasing concessions are rapidly being reduced by landlords in the area,” says Nachison.
“Despite being held in the middle of a blizzard among bidders that were required to bring $9 million in certified funds to be qualified to bid, the open auction-style offering of the Palatine garnered a very strong response from institutional, off-shore and private equity investors. The success of this offering illustrates the depth of capital aggressively seeking trophy quality multi-housing product locally and nationally,” adds Nachison.
“Washington, D.C. remains the #1 target for multi-housing investments with investors recognizing the nation-leading fundamentals and the excellent prospects for near-term job growth,” comments Davis.
Crescent Heights of America is one of the nation’s largest developers and marketers of high-rise, multifamily housing and hotels. The company’s premier properties stretch from New York to Los Angeles, from Miami to Chicago, and points in between. Crescent Heights prides itself at uncovering real estate trends, and knowing when and how to develop projects – from residential and hotel construction to redevelopment and adaptive re-use.