McLean Apartment Towers Sell in Deal Brokered by Berkadia
Berkadia has completed the sale of Kingston at McLean Crossing, a 2018-built, 319-unit multifamily apartment community located in the McLean submarket of Northern Virginia.
Senior Managing Director Brian Crivella, Managing Directors Yalda Ghamarian and Bill Gribbin, and Associate Director Jack Canepa of Berkadia DC Metro completed the transaction on behalf of the seller, LCOR and its partner JLL Income Property Trust. Pantzer, a New York-based owner and operator of multifamily assets across the East Coast. The property was 96% occupied at the time of sale.
“Kingston provided a unique opportunity for Pantzer to acquire a generational-quality, transit-oriented asset at a basis below replacement cost, adjacent to several corporate headquarters in a submarket with limited future residential development,” said Crivella.
Located at 7480 Birdwood Avenue, Kingston at McLean Crossing comprises two towers – 13 and 15 stories – connected by a two-story skybridge, totaling approximately 528,000 square feet. The property offers a mix of studio, one-, two-, and three-bedroom residences.
Nominate Commercial Real Estate’s Leading Investment Sales and Leasing Brokers — For the ninth year in a row, Connect CRE will spotlight the industry’s top brokers based on the past year’s achievements. Click here to submit your nominations.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout