Ohio-Based Firm Buys Two New Arlington Apartment Buildings
Cleveland-based Courtland Partners, on behalf of its institutional clients, has purchased two Arlington apartment buildings from USAA Real Estate.
The two properties, at 1919 Clarendon Blvd. and 1200 North Irving St., were part of a $267M, three-asset deal that included an apartment building in Charlotte, GlobeSt reports.
The 191-unit mixed-use building at 1919 Clarendon Blvd sold for $90M, property records show. It's ground-floor retail includes a yoga studio, a nail salon, a liquor store and a Century 21 Realty office. Just over a mile down the road, the 187-unit Beacon Clarendon apartments on North Irving St. sold for $98.3M, records show. Both properties were developed by ZOM Inc. on behalf of USAA and delivered in 2014.
Courtland is an asset adviser, so it is unclear where the actual funds came from that bought into the Rosslyn-Ballston Corridor apartment market.
Correction, Feb. 16, 9:45 a.m. ET: A previous version of this story stated the two buildings were built in 2012 and 2013, they actually both delivered in 2014. It also stated 1919 Clarendon is 190 units, it is actually 191 units. Courtland Partners is a fiduciary advisor and does not invest in real estate on it's own. The story has been updated.
