WASHINGTON, DC – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that its Multi Housing group represented The Brick Companies in the sale of Abingdon House Apartments, an 82-unit mid-rise apartment complex in the Pentagon City area of Arlington, Va., to a joint venture of JAIR LYNCH Development Partners and MacFarlane Partners.
The purchase price was not disclosed.
Christopher Doerr, vice president, and Rachel Ley, associate, represented the seller in the disposition of the building, located at 815 18th St. S.
“This offering represented the opportunity to purchase a fully stabilized, mid-rise building in Pentagon City, one of the Metro area’s strongest rental submarkets,” said Doerr.
“It’s rare to buy a property from the original owner, and the fact that The Brick Companies owned the property since it was built in 1963 greatly added to its value.
"It has been meticulously maintained and amenities were adopted organically – everything from the brick façade to its balconies and outdoor recreation areas makes it stand out among the newer steel and concrete high-rises.”
The property is located in one of the top school districts in the country and is across the street from a branch of the Arlington public library. The property is currently 100-percent leased.
Contact: Erin Mays
Phone: 312.698.6735
Email: erin.mays@grubb-ellis.com
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