200-UNIT MULTIFAMILY PROPERTY SELLS IN RESTON, VA.

RESTON, VA. — Bethesda, Md.-based Crossbeam Capital has entered the Northern Virginia market by acquiring Reston Glen Apartments in Reston. The company acquired the 10-acre, 200-unit rental community from New York-based Redstone Partners for an undisclosed price. Located at 12265 Laurel Glade Court, the 99-percent occupied property was built in 1974 and renovated in 2008. Crossbeam plans to invest additional capital into common area upgrades at the property, including an Internet cafe in the clubhouse, landscaping, signage enhancements and leasing office redesign. Maury Zanoff and Matt Williams of CB Richard Ellis Capital Markets' Washington, D.C., office arranged the permanent acquisition financing through Freddie Mac. Andy Boyer and Jonathan Greenberg of CB Richard Ellis represented Redstone in the transaction. Reston Glen was the fifth multifamily property totaling 1,200 rental apartments acquired in December 2010 by Crossbeam Capital and its affiliated partner, Houston-based Concierge Asset Management.