JLL Facilitates $57M Sale of Metro D.C. Apartments

Munson Hill Towers, a 279-unit multifamily asset located in the Washington, D.C. suburb of Falls Church, Va. changed hands for $57 million.

Working on behalf of a Washington REIT, JLL’s Capital Markets has brokered the sale of Munson Hill Towers, a 279-unit multifamily community located in the Washington, D.C. suburb of Falls Church, Va. Akelius US LLC purchased the property for $57 million.

Munson Hill Towers in Falls Church, Va.

Munson Hill Towers in Falls Church, Va.

The JLL team that handled the transaction was led by Managing Director Christine Espenshade and Senior Vice President Robert Garrish.

Munson Hill Towers is a high-rise apartment complex located along Leesburg Pike and near public transportation options. Amenities include a pool and Jacuzzi, business center, fitness center, basketball and tennis courts, billiards room, picnic area with grills and playground.

“Renters are turning toward first-tier suburbs – the areas near major cities that offer a ‘live, work, play’ dynamic but at a more affordable cost – and investors are following suit,” Espenshade said in prepared remarks. “Munson Hill Towers is located near top employers and retailers and boasts plenty of upside potential.”

With a team of more than 1,700 specialists, JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. In 2014 alone the firm has completed $118 billion in investment sale and debt and equity transactions globally.

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