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Toll Brothers, Lowe Divest 806-Unit Virginia MF for $193M

Harbor Group International acquired Dulles Greene, an 806-unit residential community in Herndon, VA, from a partnership between Toll Brothers and Lowe Enterprises for $193 million. The 39-acre property was built in phases between 1998 and 2003, and is located west of downtown Washington and near Dulles International Airport.

The community has one, two and three-bedroom garden-style apartments that feature cathedral ceilings and attached garages. The community has a clubhouse with coffee bar, fitness center, yoga room and theater room.

JLL’s Christine Espenshade led the team handling the sale.

Espenshade says, “Investors were attracted to this community because it was built to high standards, with excellent amenities, in a highly-desirable location, and also provides the opportunity for the owner to add value through unit upgrades. We continue to see investors covet these types of assets as they hunt for yield within the multifamily sector.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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