Jones Lang LaSalle’s capital markets team closed on sales of four multifamily properties in the Washington, D.C. area totaling approximately $608 million.
In the largest transaction, Dweck Properties purchased Archstone Crystal Towers, two 912-unit multifamily towers in Arlington, Va., from Equity Residential for $322.25 million. The deal broke the record for the largest sale of a multifamily property in the region.
Archstone Crystal Towers were completed in 1968 and underwent a comprehensive renovation in 2002. Amenities at the complex include a swimming pool, a 24-hour sports club, a rooftop deck and a business center.
Al Cissel and Scott Melnick, of Jones Lang LaSalle, represented the seller in the transaction.
WAFRA Investment Advisory Group and Stella Advisors bought the Avalon at Decoverly, a 546-unit multifamily community in Rockville, Md., from Avalonbay Communities Inc. for $135 million.
Avalon at Decoverly includes 22 class-A apartment buildings that were constructed in two phases, in 1991 and 2006. It also features two outdoor swimming pools, a fitness center, tennis courts, dog park, playground and an outdoor lounge and kitchen.
Al Cissel and Scott Melnick, along with Christine Espenshade, represented the seller in the deal. Jones Lang LaSalle’s Wes Boatwright, Jon Goldstein and Shawn McDonald also helped the buyer secure a $91.5 million permanent loan from HSBC.
JBG Cos. bought Falkland Chase, a 450-unit garden apartment community in Silver Spring, Md., from Home Properties for $98 million.
The community features 57 two- and three-story brick buildings located in a landscaped, wooded area in downtown Silver Spring. It has a fitness center and on-site laundry. The North parcel of Falkland Chase has also been approved for the development of up to 1,250 residential units and 70,000 sq. ft. of retail.
Cissel and Melnick represented Home Properties in the sale.
A joint venture of Laramar and Lubert-Adler bought Woodvale Apartments, a 24-building, 376-unit garden apartment community, from Federal Capital Partners and Angelo Gordon for $53.2 million.
The property was completed in 1981 and underwent a renovation in 2006. It features a swimming pool, fitness and business centers, wooded grilling areas and parking for 546 cars.
Cissel and Melnick represented the sellers in the transaction.