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Dwell Vienna Metro Apt. Complex Trades for $82.6 Million

CA Developer Sells 250-Unit Community in Metro Washington to REIT
August 15, 2011
Carmel Partners sold Dwell Vienna Metro, a 250-unit apartment complex in Fairfax, VA, to Associated Estates Realty Corp. (Nasdaq: AEC) for $82.6 million, or approximately $330,400 per unit.

Beazer Homes Holdings Corp. of Atlanta sold the 300,730-square-foot property to Carmel for $65.75 million or $263,000 per unit in July 2008, according to CoStar Group information.

Dwell Vienna Metro features one- and two-bedroom units with an average rent of $1,989 per month. It is 91 percent occupied.

The three-year-old multifamily community is on 10 acres at 2975 Hunters Branch Road, about two blocks from Vienna Metro Station. The property is 12 minutes south of Tysons Corner and 30 minutes west of Washington, DC.

"Dwell Vienna Metro fits extremely well with our long term plans to build a meaningful presence in Metro DC," said Jeffrey I. Friedman, president and chief executive officer of AEC. "This acquisition is part of our continued migration into higher growth markets."

Carmel is a commercial real estate firm headquartered in San Francisco, CA. It develops and manages multifamily complexes in eight major markets.

Associated Estates is an apartment-focused real estate investment trust. The Richmond Heights, OH-based company owns 54 properties containing 14,134 units in eight states.

See CoStar COMPS #2157606 for more information.

Follow the news on Twitter @LaurieForbes and @TheCoStarGroup.
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