JLL Negotiates $141M Sale of DC-Area Property
- Sep 27, 2019
Fairfield Residential has acquired Atley on the Greenway, an apartment community in Ashburn, Va., from Northwestern Mutual. The company paid $141 million for the 496-unit apartment community that’s situated roughly 30 miles northwest of Washington, D.C. JLL Capital Market’s Walter Coker and Brian Crivella negotiated the sale on behalf of the seller, Northwestern Mutual, and also procured the buyer.
Located at 21827 High Rock Terrace, Atley on the Greenway offers a mix of one-, two- and three-bedroom units that average at more than 1,000 square feet, with 40 of them designated as affordable. According to Yardi Matrix data, the building has an average rent of $1,893. The property has maintained at least a 96 percent occupancy rate since it was completed, according to JLL. Labeled a transit-oriented development, Atley on the Greenway is near Route 267 and less than a mile away from the Ashburn Metro Station.
Built in 2014, the property features amenities such as two swimming pools, an outdoor fireside lounge, poolside barbecue and picnic areas, a children’s playground, a fitness center, a business center, an indoor lounge with fireplace, a TV lounge and a gourmet demonstration kitchen and dining area.
San Diego-based Fairfield Residential currently owns another multifamily property in Ashburn. Located at 22541 Hickory Hill Square, Westwind Farms also offers one-, two- and three-bedroom units in a property equipped with a fenced dog park, Amazon Hub lockers and similar amenities to Atley on the Greenway. The company’s multifamily footprint in the Washington, D.C. area expands to 13 properties, according to the Washington Business Journal.
Outside of the D.C. metro, Fairfield Residential also recently purchased two Atlanta-area multifamily communities for $70 million.