Dweck Properties buys Archstone Crystal Towers in Arlington for $322 million
- April 4, 2013
Dweck Properties has purchased Archstone Crystal Towers in Arlington from Equity Residential for $322.2 million.
According to the Washington, D.C. office of Jones Lang LaSalle’s Capital Markets, which represented Equity Residential, the deal announced on Thursday for the two, 12-story, 912-unit multifamily towers breaks the record for the largest sale of a single multifamily property in the Washington, D.C., region.The units went for about $352,344 each.
Archstone Crystal Towers, built in 1968, sit on nearly 10 acres of land. The property underwent a comprehensive renovation in 2002 and $8.7 million worth of capital improvements during the last five years.
The community is located less than a mile from The Pentagon and the Fashion Centre at Pentagon City and is a block from the Crystal City Metro Station. Amenities include a swimming pool, 24-hour sport club, rooftop deck and business center.
Managing Directors Al Cissel and Scott Melnick led the Jones Lang LaSalle team in the transaction.