BXP, the Boston-based REIT that developed Reston Town Center, has reportedly found a buyer for a pair of residential towers it delivered at the mixed-use district in 2018.
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A partnership between New York-based Sterling Investors and Denver-based Simpson Housing has agreed to purchase the 508-unit Signature apartment towers, Green Street's Real Estate Alert reported, citing anonymous sources.
The price wasn't disclosed, and no sale has been recorded in Fairfax County property records. But Real Estate Alert reported that the 22-story towers were expected to attract bids around $240M and that the deal with the buyers is “in line with that guidance.”
That price range would set a record for a Reston apartment sale, according to Real Estate Alert, which reported the previous high was BXP's $141M sale of Avant at Reston Town Center in 2022. The publication also said it would be the richest multifamily sale in the D.C. region in more than a year.
Eastdil Secured is reportedly brokering the deal.
BXP, Sterling Investors and Simpson Housing didn't respond to Bisnow's requests for comment.
BXP signaled it was working on major sales on its earnings call last week. As part of its effort to sell $1.9B in assets by the end of 2027, CEO Owen Thomas said it had nine assets under contract to sell for around $400M and another 10 properties on the market, but he didn't mention the Reston asset.
The Signature property at 11850 Freedom Drive was assessed at $182.7M for 2025, according to the county’s property records.
The ground-floor retail includes Hammer & Nails, which bills itself as “grooming for guys,” an F45 fitness facility and an American restaurant called Open Road Distilling Co. A Whole Foods opened less than a quarter of a mile away in August.
BXP has been developing Reston Town Center since the 1980s. The mixed-use district stands at 4.9M SF, and another 4M SF is planned, including 930K SF of office space across two towers, two residential buildings, 22K SF of retail and other ground-floor uses, and a 60K SF public performing arts center.
Sterling Investors invests across industrial, self storage and residential, according to its website, and has a portfolio of 8M SF and $1B in capital under management.
Simpson Housing has a portfolio of 23,000 multifamily units across the U.S. The company’s website says it invests in Class-A, market-rate communities in most major housing markets across the country.
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