The Crystal Plaza Apartments in Crystal City (2111 Jefferson Davis Highway) are under new ownership.
Archstone sold the building to real estate investor Ralph Dweck at the end of last month. No word yet on why Archstone, a major Crystal City land holder, decided to sell the apartment complex.
We’re also awaiting word from Dweck about his plans for the complex. So far, however, no changes have been announced.
Residents were notified about the sale last week.
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Sounds like a great place for a massive Kitty O’Dremos.
Archstone is owned by Lehman Brothers. So that might tell you something.
Curious – what might it tell you?
If you have to ask, you probably don’t need to know.
I’m also curious what Lehman’s ownership stake in Archstone might tell me about the new owner’s plans for this building.
What it tells you is the trustee in bankruptcy administering the liquidation of the Lehman assets is, together with its partners in the Archstone venture, generating some cash to dress up Archstone’s balance sheet, to facilitate a public offering that will generate money that repay of some of Lehman’s creditors — nothing nefarious about that.
archstone is known for ditching “problem properties”, or properties with problems.
i don’t know about this property, but they sure as hell got out of dodge at some apt complex i used to live at that had problems.
Gates, Hudson, and Associates manages most of Ralphs properties in Arlington including The Park at Arkington Ridge, Rosslyn Heights and Rosslyn Vue. Check with them for development plans, they’ll know.
Archstone has sold off a few apartment buildings in the CC area during the last few years. I currently live in Crystal Square and they sold us off back in early ’08.
Lehman’s is shedding Arlington holdings, such as in Rosslyn. Archstone, successor to Charles Smith, developer of Crystal City, owns much of CC, but opposes aspects of the CC road re-alighment.