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News release

Washington, DC

Investors covet value-add garden apartments in DC Suburbs

JLL completes sale of 806-unit Herndon, VA community for $193 million


WASHINGTON, DC, Aug. 30, 2018 – JLL's Capital Markets, Multifamily experts have completed the $193 million sale of Dulles Greene, an 806-unit residential community in Herndon, Virginia, on behalf of a partnership between Toll Brothers and Lowe Enterprises. The buyer was investment manager Harbor Group International. 

JLL Managing Director Christine Espenshade led the team handling the sale.

"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," said Espenshade. "We continue to see investors covet these types of assets as they hunt for yield within the multifamily sector."

Dulles Greene was built in phases between 1998 and 2003. The pet-friendly community is west of downtown Washington and just a few miles from Dulles International Airport. The community has one-, two- and three-bedroom garden-style apartments set in 39 acres. Residences feature cathedral ceilings and attached garages. The community has a clubhouse with coffee bar, fitness center, yoga room and a theater room. Other amenities include a pool, playground, tennis and sand volleyball courts and an outdoor fire pit.

JLL delivers multifamily investors a full range of solutions through one diverse, integrated platform. The division employs over 200 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation's largest affordable and conventional multifamily and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.

For more, 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.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.