CBRE brokers sale of Crystal City landmark
- March 24, 2013
CBRE has arranged the sale of the 828-unit Crystal House apartment project at 2000 S. Eads Street in Arlington. Roseland Mack-Cali, in partnership with UBS Global Asset Management, purchased the two, 12-story apartment buildings for $262.5 million from Archstone/Alder Branch Realty (a predecessor of Avalon Bay Communities Inc.)
“Located in the heart of this top-performing submarket, the sale of this one-of-a-kind apartment landmark included an accompanying land sale which could support development of three additional apartment buildings. The asset is perfectly poised to take advantage of increased demand for metro-located rental housing,” CBRE Executive Vice President, Andy Boyer, said in a statement.
The owner received approval for an additional 252 units in two, four-story wood-frame construction buildings fronting Eads Street as well as 43 units of wood-frame construction across 22nd Street on the southwest corner of Eads Street.
One block from the Crystal City Metrorail station, the property is near the Pentagon and offers views of the White House, U.S. Capitol, and Washington Monument. In addition to 24-hour concierge service, the Crystal House has an on-site dry cleaning service, convenience store, daycare, and a salon and spa. Other amenities include a rooftop fitness center, sky deck, and resident lounge with an Olympic-sized swimming pool and grilling area.
In another deal for CBRE Global Investors in Northern Virginia, this subsidiary of CBRE sold Dulles View. The project includes two Class A, suburban, eight-story buildings totaling 360,045 square feet. The buyer was Rosemont Realty on behalf of two funds in the CBRE Strategic Partners U.S. fund series. Dulles View was a speculative office development investment by CBRE Strategic Partners U.S. Fund IV that was completed in 2008. About 340,243 square feet of space has been leased, bringing the property occupancy to 94.5 percent.