JBG Smith Buys Arlington Hotel, 2 Apartment Buildings
JBG Smith, the developer behind Amazon HQ2 and much of the National Landing neighborhood, is continuing to scoop up properties in Arlington.
The REIT acquired The Inn of Rosslyn, the Williamsburg Apartments and the Fern Gardens apartment property from the Green family, ARLnow first reported. A JBG Smith spokesperson confirmed the acquisitions to Bisnow.
The Inn of Rosslyn sold for $3.5M, property records show. The 38-room hotel at 1601 Arlington Blvd. was built in 1957, and it closed permanently concurrent with the sale.
The Williamsburg Apartments at 1501 North Pierce St. in Rosslyn sold for $6.5M, property records show. The 14-unit community was built in 1954.
The Fern Gardens property, at 2868 Fort Scott Drive in Crystal City, sold for $5M, property records show. The two-building, 30-unit community was developed in 1962.
The sales each closed on Dec. 18, the same day JBG Smith acquired the Americana Hotel from the Green family. JBG Smith previously announced that sale but didn't disclose the acquisition price, which appears to be $45M, according to property records.
JBG Smith signaled plans to build a multifamily development of more than 500K SF on the Americana Hotel site. It hasn't revealed development plans for The Inn of Rosslyn or the two apartment properties.
The Green family sold the hotels because of the financial strain the coronavirus pandemic has put on the properties, Katherine Green told ARLnow, saying they were "hemorrhaging money."
