250-unit apartment complex in Fairfax County sells for $82.6 million
- August 15, 2011
CoStar Group reports that Carmel Partners sold Dwell Vienna Metro, a 250-unit apartment complex in Fairfax County, to Associated Estates Realty Corp. for $82.6 million, or about $330,400 per unit. The complex offers one- and two-bedroom units with an average monthly rent of $1,989. It is 91 percent occupied. The three-year-old project is located on 10 acres at 2975 Hunters Branch Road, two blocks from Vienna Metro Station. The property is about 12 minutes from Tysons Corner and 30 minutes west of Washington, D.C. “Dwell Vienna Metro fits extremely well with our long term plans to build a meaningful presence in metro D.C.,” Jeffrey I. Friedman, president and CEO of Associated Estates Realty said in a statement. The company, an apartment-focused real estate investment trust, is based out of Richmond Heights, Ohio.