Kingstowne apartment complex sells for $137M

The asset management firm is looking to unload the property as it continues to focus on its core business.

Kingstowne apartment complex sells for $137M

Washington Business Journal receives a lot of transactions involving real estate. Some deserve to be in the public record, even if we can't cover them all. Welcome to Deal Dash.

Sussex at Kingstowne is sold

According to county records, The Sussex at Kingstowne is a 556 unit apartment complex located at 6050 Edgeware Lane, Fairfax County. It was sold for $136.5 Million to Boston-based asset management company GID. Windsor at Kingstowne is the new name of the property.

The deal was closed on April 24. It had been five years since Norfolk, Virginia investment firm Harbor Group International LLC purchased the same property for $144 million. Harbor Group stated that it has made capital improvements to the property in recent years after initially being attracted by the area's demographics.

Richard Litton said, "We continue identifying strategic opportunities to divest our assets in the current marketplace environment."

GID (also known as General Investment and Development) owns and manages 51,000 multifamily homes across the United States through its subsidiary Windsor Communities. The Woodley, a D.C. property that it purchased for $180m in 2020, is one of its Greater Washington holdings. It has also sold a few local properties, such as The Citizen at Shirlington Village and Alexandria's Windsor At Arbors, in recent years.

D.C. Office building goes on the market

BlackRock is looking into the possibility of selling the office building located at 1015 15th St. NW, near McPherson Square.

According to the capital markets website of the brokerage, the firm has hired a Cushman & Wakefield marketing team that includes Paul Collins, Bill Collins and Drew Flood to market the 194,542 square-foot property. According to the D.C. Office of Tax and Revenue, the property's assessed value in 2024 is $51 million.

Cushman & Wakefield data shows that the building has 84% of its space leased. The average lease term is five years and $50 million in rental revenue is pledged. Since 2015, the building has undergone about $21 millions in improvements aimed at modernizing the systems and redesigning common spaces like the lobby and conference center.

SW project backed by Zoning panel

The controversial design for a 13-story building with multifamily units two blocks north from Nationals Park has been approved by the D.C. Zoning Commission, which voted in favor of it on Thursday.

WC Smith submitted a plan earlier this year for a building with 352 units at One K St. SW, which would rise to 130 feet. The commission approved the design, ignoring criticisms and opposition by two advisory neighborhood councils who argued that the project did not provide enough affordable homes, was too tall for the surrounding area, and lacked a mix of uses, despite being located in a mixed use zoning district.

The property is in the Downtown or D zone. This is a zone envisioned for high-density development and is not subject to inclusionary zoning laws.

Peter May, the Commissioner, said that while he was sympathetic to the concerns raised by the ANC, he did not believe they were relevant to the decision-making process or the rules for a design assessment.

According to the application, this E-shaped structure would have 20,000 square foot of common and amenity spaces on the ground floor, 103 units with two bedrooms and 12 units with three bedrooms, and 179 parking spaces below grade. The developer hopes to begin construction in the autumn.