VA Apartments Command $90M
- Oct 11, 2018
The Chevy Chase Land Company acquired 672 Flats, a 173-unit apartment community in Ballston, Va., from a joint venture between The Penrose Group and Clark Enterprises Inc., for $90 million.
HFF facilitated the deal on behalf of the seller and arranged a 12-year, fixed-rate acquisition loan for the buyer through USAA Real Estate.
“There is a significant amount of capital available for best-in-class assets and lenders are willing to competitively underwrite deals as if they were stabilized for well-located deals with strong sponsors,” Nicole Brickhouse, HFF’s director, told MHN.
Located at the convergence of N. Glebe Road, Wilson Boulevard and Interstate 66, the six-story property was completed earlier this year and achieved LEED Silver status thanks to the implementation of many environmentally friendly elements.
The community consists of studios and one- and two-bedroom units, available in both loft and flat-style floor plans. All boast modern finishes, stainless steel appliances and custom cabinetry. There’s also hardwood flooring throughout.
Amenities at 672 Flats include a lounge, game room, fitness room, cyber lounge and a storage area for bikes. Controlled-access garage parking is available for all residents.
Close to restaurants, retail stores, colleges and entertainment venues, 672 Flats earned a WalkScore of 93, which makes it a highly in demand area to live. It’s also just three blocks from the Ballston Metro Station, offering quick access into the Washington, D.C., CBD and Tysons Corner.
HFF’s Walter Coker and Brian Crivella represented the seller in the transaction, while the firm’s debt placement team of Brickhouse, Jamie Leachman and Chris Hew represented the owner for the financing.
“This transaction represents another example of the strength of the pre-sale market, not only for buyers, but also for the debt markets willing to purchase and lend on top-quality assets in core locations,” Coker said.
In August, HFF’s Brickhouse and Leachman arranged financing for Brick Lane on its acquisition of the Northlake Townhomes, a 76-unit community in North Charleston, S.C., from URS Capital Partners. The buyer funded the purchase with a 10-year, $5.3 million loan through Freddie Mac’s Capital Markets Execution program.