Dweck Properties Acquires D.C.-Area Multifamily Community for Record Price
- Apr 09, 2013
Arlington, Va.—Dweck Properties purchased Archstone Crystal Towers, a 912-unit, transit-oriented, high-rise apartment community located in Arlington, Va., from Equity Residential for $322.25 million, which was the largest sum ever paid for a single multifamily property in the Washington, D.C., region.
Jones Lang LaSalle’s managing directors Al Cissel and Scott Melnick represented the seller in the transaction.
Located at 1600 S. Eads St., the two, 12-story towers are situated on approximately 10 acres of land, less than a mile from The Pentagon and the Fashion Centre at Pentagon City, and just a block from the Crystal City Metro Station. It’s also close by to I-395, Reagan National Airport and 2.6 million square feet of upscale retail.
Originally constructed in 1968, the property underwent a comprehensive renovation in 2002, including the addition of a new lobby, leasing office, resident lounge/cyber-café and fitness center. Over the last five years, it’s gone through $8.7 million of capital improvements.
The two- and three-bedroom units are comprised of spacious floor plans and expansive common areas. They include modern kitchen appliances, private balconies or patios and oversized walk-in closets.
Community amenities include a swimming pool, 24-hour sport club, rooftop sun deck and business center. There’s also garage and surface parking available.
The Crystal City and downtown Washington, D.C., office market collectively comprise over 46 million square feet of office space and provide robust public and private sector employment opportunities to the region. Crystal City alone houses numerous major employers such as the U.S. National Guard, Agency for International Development, Social Security Administration, Boeing, the Department of Homeland Security and the Department of Defense.