AvalonBay Sells 25-Story Ballston Apartment Tower For $170M
Arlington-based multifamily REIT AvalonBay Communities has just sold a 25-story apartment building in its home neighborhood.
The sale of the 382-unit apartment building, which is currently 95% leased, pencils out to roughly $445K/unit. The 25-story tower was built in 2001 and acquired by AvalonBay in 2013, according to its Securities and Exchange Commission filings.
The tower sits at the intersection of Fairfax Drive and North Pollard Street, three blocks east of the Ballston Metro station. The building has 5K SF of ground-floor retail, including a gourmet market, a barbershop and a dry cleaners.
AvalonBay recently decided to move its headquarters from 671 North Glebe Road in Ballston across the street to the final phase of the Liberty Center development. The REIT still owns several nearby apartment buildings, including Avalon Ballston Square, AVA Ballston, Avalon Arlington North, Avalon at Arlington Square, Avalon Clarendon, Avalon Columbia Pike and Avalon Courthouse Place.
Akelius Residential, a Swedish investment firm, has quickly grown its D.C.-area portfolio in recent years. The investor in August 2017 bought two Capitol Hill apartment communities for $34M. In spring 2016 it bought two Northwest D.C. apartment buildings.