Jefferson Apartment Group Continues D.C.-Area Growth With Reston Acquisition
The McLean, Virginia-based multifamily developer announced Monday it acquired, in partnership with Invesco Real Estate, the 190-unit J Harbor Park at North Point property in Reston. A JAG spokesperson said the property sold for $65M.
The property at 11410 Esplanade Drive in Reston sits near the corner of Reston Parkway and Center Harbor Road, an intersection that features a Giant-anchored shopping center. It is about 2 miles north of Reston Town Center.
The 10-acre garden-style apartment community consists of five four-story buildings with apartments ranging from one-bedroom to three-bedroom units. Its amenities include a swimming pool, a business center, a fitness center, a clubhouse and a kitchen with a coffee and tea bar.
The buyer said it plans to make renovations to the units including upgrades to the kitchens, bathrooms and floor. JAG said it was drawn to the property because of the growing technology sector along the Dulles Toll Road in Reston and Herndon.
“This is an exciting acquisition for JAG as we further expand our footprint in the D.C. Metro region,” JAG CEO Jim Butz said in a release. “This ideal location in the Dulles Technology Corridor allows residents convenient access to some of our nation's preeminent technology companies.”
Jefferson Apartment Group, which also owns properties in the Boston, Philadelphia and Florida markets, has been one of the most active multifamily buyers and builders in the D.C. area over the past two years.
In April, JAG acquired a site in Ballston where it plans to build a 108-unit apartment project. That came after the developer delivered a 22-story Ballston apartment tower in August 2020. Also last year, JAG completed a 132-unit project in Shaw, and it launched plans for three new developments: a 26-story multifamily project in Rosslyn, a 211-unit project in Clarendon and a 320-unit project near Nationals Park.