Skip Ribbon Commands
Skip to main content

News release

Washington, D.C.

Renovated Multifamily Asset Attracts Investor Interest in Washington, D.C.

JLL closes $63.3 million sale of Dominion Towers


WASHINGTON, D.C., Dec. 14​, 2016 According to JLL's U.S. Investment Outlook, multifamily absorption levels in Washington, D.C. remain strong, as evidence by the market's latest trade. On behalf of MacFarlane Partners, JLL's Capital Markets experts today announced the firm has closed the sale of Dominion Towers, a 330-unit multifamily asset located in Arlington, Virginia. Capital Investment Advisors purchased the asset for $63.4 million.

Dominion Towers.jpgManaging Director Christine Espenshade and Executive Vice President Robert Garrish led the JLL team on the transaction.

"Multifamily rental rates continue to increase and Dominion Towers' recent renovations position the property to benefit from these gains," said Espenshade.  "In addition, its location in the heart of Columbia Pike will draw in renters as the area continues its revitalization."

Dominion Towers is located in Arlington's Columbia Pike neighborhood, near major employment hubs and retail development. Community amenities include an updated lobby, swimming pool with a sundeck, fitness center and business center.​

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

-Ends-

About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate.  JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 60,000.  On behalf of its clients, the company provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.