AvalonBay Acquires Potomac Yard Apartment Building For $108M
Arlington-based AvalonBay Communities has remained on the sidelines for acquisitions during most of the recent market cycle, but the REIT has made an exception by picking up a pair of properties, one of which is pretty close to the company’s home base.
AvalonBay has purchased The Alric at The Exchange at 731 Seaton Ave for $108.3M from JBG Cos and MRP Realty. The 323-unit complex will be rebranded as Avalon Potomac Yard, GlobeSt reports.
JBG and MRP delivered the two-building, five-floor complex back in 2014. The property is catty-corner to Notch 8, a 253-unit residential project with a street-level Giant Food, also from JBG and MRP.
AvalonBay’s other recent acquisition was a in Hoboken, NJ, where the REIT snagged an apartment building last month for $129.7M. Earlier this month, the company got started on the Avalon Dogpatch apartment project, a $203.4M, 326-unit development in San Francisco’s Dogpatch neighborhood. [GS]
