Breaking News: Arlington's Biggest Sale Ever
Bisnowhas learned that Dweck Properties has purchased Crystal Towers in Crystal City from Equity Residential for $322M, which sources tell us is the highest sale price ever for an Arlington County apartment asset. (We didn't even realize Craigslist apartment listings went that high.)
The 912-unit property (which we snapped yesterday) sold last Thursday, and the $322M price tag equates to $353,344 per unit. (Or $161M per cherry blossom.) The asset had been owned and managed by Archstone until being transferred as part of Equity Residential and AvalonBay's $16.5B purchase of the company back in February. JLL managing directors Al Cissel,Scott Melnick, and Christine Espenshade repped the seller.
The deal caps a historic few weeks for DC-region apartment sales, as just two weeks ago, JPMorgan purchased The District, a 125-unit property under construction near the U Street Corridor, for $76M, a record price-per-unit sale for DC. Overall, it's been a good month to be a unit.
