Brookfield Sells Wegmans-Anchored Reston Apartments For $133M
Three years after delivering a 352-unit apartment building to its Halley Rise development in Reston, Brookfield has offloaded the property.
The developer sold The Edmund at 2025 Fulton St. to Harbor Group International for $133M late last month, according to Fairfax property records. The seven-story building houses an 80K SF Wegmans on the ground floor and a nearly 1,000-space parking garage.
Berkadia Senior Managing Director Brian Crivella, whose team brokered the deal, announced it in a LinkedIn post Tuesday.
"It’s been a really busy summer and it’s looking like a busy start to fall as well," he wrote in the post.
Brookfield declined a request to comment, and Harbor Group International didn't respond to a request for comment by the time of publication.
The Edmund was the first property to deliver at Brookfield’s $1.4B Halley Rise community that is being built in phases across 36 acres.
The Wegmans store, announced in 2018 and opened in early 2023, was part of a major expansion in the region for the popular Rochester, New York-based grocery chain.
In addition to The Edmund, the Halley Rise site already features a pair of 2000s-era 190K SF office buildings, One Halley Rise and Two Halley Rise, as well as an urban farm. In total, the development is planned to include 1.9M SF of office, 240K SF of retail, 16,000 residential units and 5 acres of public green space.
A 480-unit, two-building complex from Akridge and The Meridian Group, The Arbor at Halley Rise, is under development and expected to be completed next year.
Harbor Group International has completed two other big multifamily acquisitions this year. The investor purchased a new 350-unit apartment community in Jacksonville, Florida, for $70M this summer after acquiring two Denver multifamily assets totaling 434 units for $132.5M this winter.
Last year, the private real estate firm sold a 556-unit Alexandria community, Sussex at Kingstowne, for $179M.
Harbor is based in Norfolk, Virginia, and controls a $19B investment portfolio, with 474 assets worldwide, including 56,000 apartment units and 5M SF of commercial real estate.
