Stockholm-based Akelius is looking to offload nearly half of its D.C.-area portfolio in an effort to rebalance its U.S. and European holdings.
The investment firm put up for sale five Northern Virginia apartment buildings: three in Arlington, one in Vienna and one in Reston. The properties total 1,512 units.
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Berkadia is marketing the properties: Arlington’s 383-unit Ballston Place, 214-unit Barton House and 318-unit Dominion Plaza; Vienna’s 251-unit Dwell Vienna Metro; and Reston’s 346-unit Fairway Apartments.
All are more than 96% leased, according to Berkadia’s marketing materials, and can be sold together or separately.
The portfolio sale is part of an effort to reduce the size of its U.S.-based portfolio following a 2021 European portfolio sale, Akelius Head of U.S. Matthew Collier told Bisnow. The company sees value potential in Northern Virginia, he said.
“We looked at the overall U.S. and where we think we can achieve the best pricing based on investor demand,” Collier said. “Investors like Northern Virginia for the same reasons we liked it. It’s a strong market. And so that’s where we thought we could probably get the best pricing.”
The company began its rebalancing effort in Austin, where it is preparing to exit the market completely. Its three properties in the city, which total 861 units, are all under contract, Collier said. He added that the company was “never able to get to scale” in the market.
At the end of the first quarter, Akelius owned 4,377 units in Europe, equating to 26% of its total portfolio. It had 7,086 units in the U.S., or 39% of its portfolio, and 9,227 units in Canada, equating to 35% of its portfolio.
The D.C. metro area makes up the largest share of Akelius’ U.S. holdings. The company owns 3,221 units in the DMV, equal to 16% of its overall portfolio. Its other U.S. markets include Austin, Boston and New York.
In addition to its five properties on the market, Akelius has two properties in Northern Virginia: Munson Hill in Falls Church and Whispering Oaks in Arlington. Collier said there are no plans to dispose of those properties or any of Akelius’ other U.S. assets at this time.
Berkadia's Brian Crivella, Yalda Ghamarian and Bill Gribbin, who are marketing Akelius’ Northern Virginia portfolio, didn’t respond to Bisnow’s requests for comment.
“There’s something for everyone from restore to core to 19 acres of low density family style apartments adjacent to the Reston Town Center,” Crivella said last week in a LinkedIn post about the properties. “All properties have tremendous value add upside.”
Northern Virginia sales velocity increased by 18% between 2024 and 2025, according to a fourth-quarter Northmarq report. Sales pricing in the region rose to an average of $330K per unit during 2025, up from $300K in 2024.
Northern Virginia had a 4.1% vacancy rate at the end of the year, “one of the tightest vacancies in the region,” Northmarq's report says. Rents in the region averaged $2,301 per month at the end of the year, down by 2.2% year-over-year but above the greater D.C. regional average of $2,226 per unit.
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