Dweck Adds To Portfolio With Woodbridge Multifamily Buy
Ralph Dweck has made another addition to his multifamily portfolio in the DC area with the acquisition of Rolling Brook Village in Woodbridge, VA.
Dweck purchased the 732-unit, garden-style multifamily property for $138.5M, Jay Rickey reports. The complex was constructed in 1987 and 1991 and consists of 53 three-story residential buildings spread across 54.9 acres. The property was renovated in 2015 and has amenities including two swimming pools, a media center and a community room. Rolling Brook was 93.2% occupied as of Nov. 2.
This is the latest multifamily acquisition for Dweck, who currently owns 16 multifamily properties with over 5,000 units in DC and Virginia. Earlier this year, Dweck purchased the 399-unit Gramercy at Metropolitan Park for $190M.
The real estate investor has been shedding office buildings as his appetite for multifamily properties has increased. Last year, Dweck sold a 404k SF building at 555 11th St NW for $300M, followed by the sale of two buildings near the US Capitol earlier this year. German investment fund Jamestown purchased America’s Square, located at 300 New Jersey Ave and 51 Louisiana Ave NW, from Dweck for $508M, which is still the record-holder for most-expensive office sale per square foot in DC history. [JR]