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Penrose Sells Newly Built Virginia Square Apartment Building For $143M

The Latitude Apartments Virginia Square
The Latitude Apartments in Virginia Square

A 265-unit Virginia Square apartment complex recently delivered and was 20% leased when The Penrose Group sold it last month to a Texas-based REIT. 

Monogram Residential Trust said in its Q1 earnings report it acquired the Latitude Apartments at 3601 Fairfax Drive in Arlington after March 31 for $143M, GlobeSt reports. The acquisition was executed as part of a 1031 exchange

Penrose delivered the apartment complex, consisting of two 12-story buildings with 3,115 SF of ground-floor retail, in the fourth quarter of 2016. The developer acquired the site, then a 15K SF office building, in 2014 for $22.5M. The project was estimated to cost $114M. 

The sale of the complex, which Monogram said was 20% leased at the time of acquisition, comes out to roughly $540K/unit.