HFF closes sale of Riverside Station Apartments in suburban Washington, DC

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced that the sale of Riverside Station Apartments (top left photo), a 304-unit luxury multi-housing community in Woodbridge, Virginia, closed on May 18, 2010.

The HFF investment sales team was led by managing directors Dave Nachison (top right  photo)  and Alan Davis (middle left  photo)  who marketed the property on behalf of the sellers, Principal Global Investors. Associates Estates.

Realty Corporation purchased Riverside Station on a free and clear basis.

Riverside Station Apartments is located at 1411 Big Crest Lane overlooking the Potomac River, 20 miles south of Washington, D.C. in Woodbridge, Virginia.

 The property is located adjacent to the Rippon Landing Virginia Rail Express (VRE) station offering commuters convenient access to rail service into downtown Washington, D.C., as well as access to Interstate 95 and Route 1.

 Completed in 2005, Riverside Station Apartments has one-, two- and three-bedroom units averaging 952 square feet each.

Community amenities at the 95% leased property include a clubhouse, business center, fitness center, swimming pool, billiards room, jogging trail and playground.

“Riverside Station has outperformed the overall Class A Northern Virginia apartment market in terms of rent growth for the past three years," said Nachison.

"Continued rent growth is widely expected to continue for the foreseeable future as this very active I-395/95 corridor becomes home to over 25,000 known new jobs through BRAC initiatives alone at Fort Belvoir, the Engineering Proving Ground and the marine base at Quantico."

“Riverside Station’s attractiveness is further enhanced by its direct access to the VRE station at Rippon Landing, which provides residents with a convenient commuter option with stops at Fort Belvoir, Crystal /Pentagon City, L’Enfant Plaza and Union Station,” added Davis.

(The Washington Business Journal reported the price as $54.3 million or about $178,618 per unit. The newspaper identified the buyer as Associated Estates Realty Corp. of Cleveland, OH.  The price was not disclosed in the HFF news release.)

Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $222 billion in assets primarily for retirement plans and other institutional clients.

Contacts:

David R. Nachison, HFF Managing Director, (202) 533-2500, dnachison@hfflp.com
Alan M. Davis, HFF Managing Director, (202) 533-2500, adavis@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com