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.”
For comments, questions or concerns, please contact Dennis Kaiser