The Chevy Chase Land Company, (“The Land Company”) a leading owner, manager and developer of office, retail and multi-family properties in the Washington, DC metro area, announced today the $90 million acquisition of 672 Flats, a 173-Unit Class A apartment building in the heart of Ballston in Arlington, Virginia.
“The acquisition of 672 Flats broadens The Land Company’s investments in transit-oriented, urban properties and diversifies the portfolio with the acquisition of a Northern Virginia, multi-family asset,” said Tom Regnell, President and CEO of The Land Company. “Ballston is one of the strongest markets in our region and continues to grow and thrive by offering an exceptional level of livability with strong employment and demand drivers, ideal demographics and a vibrant live-work-play environment.”
672 Flats is a boutique, highly amenitized, urban-infill multi-family community located in the prime Ballston submarket of the Rosslyn-Ballston Corridor. The building is six stories and was completed in June 2018. The property is located at 672 North Glebe Road at the convergence of Glebe Road, Wilson Boulevard and I-66, among a diverse array of university campuses, restaurants, shopping and entertainment venues. 672 Flats is within three blocks of the Ballston Metro Station (Orange and Silver Lines) with a second entrance planned just two blocks from the property. Boasting a walk score of 93/100, 672 Flats is a short walk from countless amenities within the R-B Corridor including Ballston Quarter, the redevelopment of Ballston Mall which is underway and will transform the surrounding neighborhood.
The Land Company acquired the property through a 1031 tax deferred exchange from the sale of 7316 Wisconsin Avenue in Bethesda, Maryland earlier this month.
About the Chevy Chase Land Company
For over 125 years, The Chevy Chase Land Company has owned, managed and developed exceptional properties throughout the Washington, DC region. Today, the Land Company owns and manages almost two million square feet of office, retail and residential properties. For more information on the Land Company, please visit www.chevychaseland.com.