Multi-housing development site near Arlington, VA sold for $19M
JLL Capital Markets closed the land sale for the site primed for 220 units
WASHINGTON D.C., January 7, 2021 – JLL Capital Markets announced today that it has closed the $19 million sale of a multi-housing development site primed for 220 units and located at 2025 Clarendon Blvd. (“2025 Clarendon”) in the greater Arlington, Virginia area.
JLL worked on behalf of the seller, Carr Properties, to complete the sale to the buyer, Greystar Real Estate Partners.
2025 Clarendon totals 24,980-square-feet and is located at the intersection of Clarendon Blvd. and Courthouse Rd., which is just steps away from the Courthouse Metro Station, allowing access to all of Northern Virginia. The property is also positioned within the Rosslyn-Ballston (“R-B”) Corridor, one of the most sought-after live-work-play-learn neighborhoods, with the Clarendon-Courthouse area specifically touted as the area’s retail and entertainment epicenter with various bar, restaurant, shopping and nightlife options. Additionally, the property is proximate to 35 million square feet of office space and five million square feet of retail, consisting of shopping, hotels and more.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Jim Meisel, Managing Directors Walter Coker, Matt Nicholson and Brian Crivella and Director Robert Jenkins.
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 investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Carr Properties
Carr Properties is a privately held real estate investment trust that owns, manages, acquires, and develops high-quality properties in Washington, D.C. and Boston, Massachusetts. The company currently owns a portfolio of 13 commercial office properties totaling approximately 4.2 million square feet and maintains a pipeline of four development projects that will add a further 2.2 million square feet of trophy-quality office space to the company’s portfolio. Carr Properties continues to expand through strategic investments in the Washington, D.C. and Boston, Massachusetts areas. For more information, please visit carrprop.com.
About Greystar Real Estate Partners
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over an estimated $200 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, United Kingdom, Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 693,000 units/beds, and has a robust institutional investment management platform with approximately $35.5 billion of assets under management, including over $15 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.