WASHINGTON, D.C. – October 10, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $90 million sale of and acquisition financing for 672 Flats, a 173-unit, newly completed multi-housing community in the Ballston submarket of Arlington, Virginia.
The HFF team marketed the property exclusively on behalf of the seller, a joint venture between The Penrose Group and Clark Enterprises, Inc. The Chevy Chase Land Company purchased the property free and clear of existing debt. In addition, HFF’s debt placement team worked on behalf of the new owner to arrange a 12-year, fixed-rate acquisition loan through USAA Real Estate.
672 Flats is a six-story community located at the convergence of N. Glebe Road, Wilson Boulevard and Interstate 66 in the highly sought-after Rosslyn-Ballston Corridor. Completed earlier this year, the property has earned a WalkScore® of 93 given its proximity to an array of university campuses, restaurants, shopping and entertainment venues, including Ballston Quarter, which will transform the neighborhood into an open-air town center. In addition, 672 Flats is approximately three blocks from the Ballston Metro Station (Orange and Silver lines), which provides access into the Washington, D.C. CBD within five stops and Tysons Corner within three stops.
The LEED Silver, boutique community incorporates multiple green building elements blended with high-end, modern finishes. Units, which range from studio to two-bedroom loft- and flat-style floor plans, feature open layouts with stainless steel appliances and wall-mounted hoods, custom cabinetry, custom pantries with built-in microwaves, fixed and movable kitchen islands, expansive windows, hardwood-style flooring and full-sized washers and dryers. Community amenities include elegantly designed common areas, including a resident lounge with bar; game room with billiards, poker table, shuffle board, air hockey and gaming center; fitness room with cardio, free weights and boxing/kickboxing area; cyber lounge/mail room with computer stations and coffee service; bike storage; and controlled-access garage parking.
The HFF investment advisory team representing the seller included Walter Coker and Brian Crivella.
HFF’s debt placement team representing the new owner included Jamie Leachman, Chris Hew and Nicole Brickhouse.
“This transaction represents another example of the strength of the pre-sale market, not only for buyers, but also for the debt markets willing to purchase and lend on top-quality assets in core locations,” Coker said.