October 12, 2018
The Chevy Chase Land Company purchased 672 Flats, a 173-unit, newly-completed multi-housing community in the Ballston submarket of Arlington, VA. The seller was a joint venture between The Penrose Group and Clark Enterprises, Inc.
The $90 million sale and acquisition financing was handled by HFF. The team included Walter Coker and Brian Crivella on the sales side, and the debt placement team of Jamie Leachman, Chris Hew and Nicole Brickhouse arranged a 12-year, fixed-rate acquisition loan through USAA Real Estate.
672 Flats is a six-story community completed earlier this year located at the convergence of N. Glebe Road, Wilson Boulevard and Interstate 66. The LEED Silver, boutique community incorporates multiple green building elements blended with high-end, modern finishes.
“This transaction represents another example of the strength of the pre-sale market, not only for buyers, but also for the debt markets willing to purchase and lend on top-quality assets in core locations,” Coker said.
For comments, questions or concerns, please contact Dennis Kaiser