Office Leases, Apartment Sales And Mixed-Use Projects: The Latest News In Fairfax County
1) Akelius Residential purchased the 251-unit Dwell Vienna Metro multifamily property in Fairfax for $106M. An executive with the Swedish real estate investment firm said that Akelius was attracted to Virginia because of its reputation “as one of the best places to do business.”
2) Hines subsidiary Willowick Residential is taking on its first East Coast property: The Emerson, a 355-unit luxury apartment community in Centreville. Multihousing News reported that Willowick Residential will be the property manager for the 328K SF development that delivered two years ago.
3) IT firm Peraton signed a deal to relocate its headquarters to a 100K SF space at Reston Town Center. Its current headquarters is in Herndon, where the company said it will maintain a “robust presence.” Peraton also leases office space in several other D.C.-area submarkets, including Chantilly.
4) Miami-based Adler Real Estate Partners purchased Northridge at Westfields, which consists of three fully leased industrial buildings in Chantilly. Commercial Observer reported that Adler paid $23M for the 110K SF complex.
5) Jefferson Apartment Group acquired the 190-unit J Harbor Park at North Point property in Reston for $65M in partnership with Invesco Real Estate. JAG said it was attracted to the nearby technology sector developing along the Dulles Toll Road in Reston and Herndon. The buyer said it plans to make upgrades to units in the 10-acre, garden-style apartment community.
6) Fairfax County collected more than $4B in taxes during fiscal year 2021 for the first time ever, with real estate assessments accounting for about 75% of the record haul, the Washington Business Journal reported. Rising property values were credited for the growth, with commercial property assessments alone growing by $3.37B in 2021.
7) Developers are moving forward with the next phase of mixed-use project The Boro in Tysons. The old National Automobile Dealers Association headquarters building was demolished in August to make way for the new development, Tysons Reporter reported. The Meridian Group is partnering with Akridge, Silverstone Senior Living and other firms on The Boro's next phase, which is planned to include more than 800 residential units and 40K SF of retail.