In May, the Aubrey, a 331-unit luxury apartment tower, part of The Highlands development in Rosslyn was sold to an Atlanta-based real-estate firm. In July, the Evo, a 455-unit luxury apartment tower, also part of The Highlands, was also sold to the firm. The Highlands is a mixed-use development which, in addition to the Aubrey and the Evo includes the Pierce, a condominium tower with 104 units as well as 27,800 square feet of retail space, a neighborhood park, and a new community fire station.
In June, Hagerstown Crossroads at l-81 (“HC 81”) was sold. The land in Hagerstown, Maryland was acquired in January, 2021 for the development of an 825,620 square foot warehouse. The project was on schedule to be substantially complete in July, 2022. Fund ll entered into a binding forward sale agreement in February, 2022, to sell HC 81 upon completion. The purchaser exercised its right to close prior to completion and did so in June, 2022. HC 81 is an industrial development located one mile from the intersection of I-81 and I-70 in Hagerstown, Maryland. The I-81 corridor provides freight trucking reach to over 50% of the U.S. population within an overnight drive.
-Penzance acquired Brandywine Green, a 243- unit Class A multifamily community in Brandywine, Maryland. Developed in 2022 as part of master-planned Villages of Timothy Branch, the community is convenient to a range of dining, shopping, and entertainment options nearby.
-Penzance acquired Chantilly Premier, a 79-acre property located in Fairfax County, just south of Dulles International Airport with easy access to Route 50 and I-66. The site is a 40-minute drive from D.C. Penzance plans to re-zone the site from its current designation as auto dealership to industrial and to develop a distribution facility attractive to last-mile and logistics tenants.
-Colvin Woods was sold. The property is comprised of 259-units across 7 buildings, a clubhouse, tennis courts, pool, and hiking trails. Nestled in 48 acres of woodland, Colvin Woods offers access to Reston Town Center, the Wiehle Avenue Metro, and the Dulles Toll Road. Newly renovated apartment homes offer country-style living with modern conveniences and accessibility.