Jones Lang LaSalle closes sale of multifamily portfolio in metro Washington, D.C.
- May 2, 2011
The Washington, D.C. office of Jones Lang LaSalle has closed the sale of a large portfolio of multifamily properties in the Washington, D.C. area. A joint venture between affiliates of The Bainbridge Companies LLC, Starwood Capital and a major institutional investor purchased the 1,626-unit, seven-community portfolio located in Virginia and Maryland. The new owners plan to spend about $300 million, including acquisition, remodelling and upgrades.
Leading the Jones Lang LaSalle team, which represented the seller, was Mid-Atlantic multifamily managing directors Scott Melnick and Al Cissel and Senior Vice President Christine Espenshade.
In Virginia, the properties include:
• Amberton Apartments, 190 units, Manassas
• The Reserve at Regency Park Apartments, 252 units, Centreville
• Westfield Village Apartments, 228 units, Centreville
• Saddle Ridge Apartments 216 units, Ashburn
• The Reserve at Towne Center Apartments, 290 units, Potomac Falls
• Woodside Apartments, 252 units, Lorton
Bainbridge plans extensive upgrades and remodelling at the communities that will include amenities, interiors, exteriors, landscaping and signs. Bainbridge Management will manage the properties.