Trophy Northern Virginia multi-housing community trades for $141M
JLL Capital Markets closed the sale of the 359-unit The Avant located in Reston, Virginia within the Reston Town Center
WASHINGTON, D.C., Nov. 28, 2022 – JLL Capital Markets announced today that the $141 million sale of The Avant, a 359-unit, trophy multi-housing community located in Reston, Virginia, has closed.
JLL represented the seller, Boston Properties, and secured acquisition financing on behalf of the buyer.
Built in 2014, The Avant features studio, one-, two- and three- bedroom units with an average size of 917 square feet. Units feature culinary-inspired kitchens, granite countertops, stainless-steel appliances, hardwood-style flooring and marble vanities in the bathrooms. Community amenities include a resort-style pool with outdoor patio, outdoor terraces with gas grilling stations and dining seating, rooftop dog park and covered outdoor lounge, expansive club room, private meeting rooms and conference areas and a club-quality fitness center.
The property is one of only three multi-family assets located in the heart of Reston Town Center, Northern Virginia’s premier live-work-play environment. The Avant’s unmatched location provides convenient accessibility to the more than 5 million square feet of office space and 400,000 square feet of retail within a short walk. The property is easily accessible to major transportation arteries, including Route 267 (Dulles Access Road) and Route 286 (Fairfax County Parkway), which offer convenient connectivity to the booming employment hubs throughout Northern Virginia and Washington, D.C. The community is also poised to benefit from the opening of the Reston Town Center Metro Station (Silver Line), which will provide mass transit optionality throughout the region.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Directors Bret Thompson and Robert Jenkins.
The JLL Capital Markets Debt team representing the borrower was led by Senior Managing Directors Charles Halladay and Jamie Leachman, Senior Director Chris Hew and Director Matt Cimino.
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.