WASHINGTON, DC, November 28, 2022 – JLL Capital Markets announced today that it has closed the $141 million sale of The Avant, a 359-unit trophy multifamily community in Reston, Virginia.
JLL represented the seller Boston Properties and secured the acquisition financing on behalf of the buyer.
Built in 2014, The Avant has studio, one-, two-, and three-bedroom units averaging 917 square feet. Units feature culinary-inspired kitchens, granite countertops, stainless steel appliances, hardwood floors, and marble vanities in bathrooms. Community amenities include a resort-style pool with outdoor deck, outdoor patios with gas grill stations and dining areas, a rooftop dog park and covered outdoor lounge, an expansive club room, private meeting rooms and conference areas, and a club-quality fitness center.
The property is one of only three multi-family homes in the heart of Reston Town Center, the premier living, work and play neighborhood in Northern Virginia. The Avant’s unmatched location provides convenient access to more than 5 million square feet of office space and 400,000 square feet of retail space within a short walk. The property is easily accessible from major thoroughfares such as Route 267 (Dulles Access Road) and Route 286 (Fairfax County Parkway), which provide easy access to booming employment hubs throughout Northern Virginia and Washington, DC. The community is also poised to benefit from the opening of Reston Town Center tube station (Silver Line) which will allow local transport throughout the region.
The JLL Capital Markets Investment Sales Advisory Team, representing the seller, was led by senior directors Bret Thompson and Robert Jenkins.
JLL Capital Markets’ Debt team, representing the borrower, was led by Senior Managing Directors Charles Halladay and Jamie Leachman, Senior Director Chris Hew and Director Matt Cimino.
JLL Capital Markets is a full-service global provider of capital solutions to real estate investors and occupiers. The company’s in-depth local market and global investor knowledge delivers first-class solutions for clients – whether investment and sales advice, debt capital advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists worldwide with offices in almost 50 countries.
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