Arlington Apartment Complex Sells For $71M
A 50-year-old apartment complex along Route 29 in Arlington County has traded hands for the first time in 20 years.
Connecticut-based Westport Capital Partners, through the entity WM MF Horizons Property LLC, acquired the Horizons Apartments from an entity connected to Dweck Properties to in a deal that closed June 26 for $71M, Arlington County property records show.
The buyer secured a $48.2M loan from Wells Fargo Bank, according to the Reonomy platform. Westport has brought on Bainbridge to manage the building.
The complex consists of two buildings at 4300 and 4320 Old Dominion Drive with 152 units and 77 units, respectively, according to Reonomy. It was constructed in 1966 and last sold in 1999 for $11M, property records show.
The property sits on the Route 29, or Lee Highway, corridor in North Arlington. The county is currently undergoing a planning process to envision residential and retail redevelopment along the corridor. Former County Board member John Vihstadt called the corridor Arlington's "next big planning frontier," according to ARLnow.