Bridge Investment Group Pays $250M For Apartments Near Silver Line Stop
A 2000s-era garden-style apartment community near one of the six Silver Line stations that opened in 2022 has sold for significantly more than its prior sale price.
Salt Lake City-based Bridge Investment Group purchased an 806-unit apartment complex in Herndon, the Washington Business Journal reported. The $250M price tag works out to $310K per unit.
Norfolk-based Harbor Group International was the seller. It acquired the property with Image Capital for $193M in 2018.
The Dulles Greene property sits just north of the new Innovation Center Metro station. The property at 2149 San Moritz Circle and 2150 Astoria Circle is next to the site of one of the region’s largest planned developments, Rivana, which was approved for 6.4M SF of mixed-use development last year.
HGI and Bridge have both been active in the Northern Virginia investment sales market over the past six months.
Earlier this month, HGI sold a 258-unit garden-style apartment community in Alexandria for $49.5M. In July, it offloaded a 244-unit property in Springfield for $70.5M, the WBJ reported. That same month, it acquired a 352-unit Wegmans-anchored building at Halley Rise for $133M, Bisnow first reported.
Meanwhile, Bridge acquired another Northern Virginia multifamily property next to the Landmark Mall redevelopment this spring. The company paid roughly $225M for the 1,180-unit Mason at Van Dorn, the WBJ reported.
