HERNDON, VA. — Harbor Group International LLC (HGI) has acquired Dulles Greene Apartments, an 806-unit multifamily community in Herndon, for $193 million.
The community is located roughly four miles from Washington Dulles International Airport and approximately 26 miles west of Washington, D.C. In addition, the property is situated adjacent to a new Metrorail station that is currently under construction.
Constructed between 1998 and 2003, Dulles Greene Apartments includes a mix of one-, two- and three-bedroom floor plans ranging in size from 750 square feet to 1,370 square feet. Monthly rental rates range from $1,537 for a one-bedroom unit to $2,138 for a three-bedroom unit. Community amenities include a fitness center, resident lounge, theater room, resort-style swimming pool, outdoor fire pit, tennis court, playground, yoga room, coffee bar, outdoor hot tub, sand volleyball court and walking trails.
“This property supports two of our key investment objectives — acquiring multifamily properties in top-tier markets with value-add upside potential and acquiring investments in areas with strong employment drivers and public transportation infrastructure,” says T. Richard Litton, Jr., president of HGI.
Dubbed “Data Center Alley,” the Dulles Technology Corridor and Northern Virginia are known for their high concentration of data centers belonging to Amazon, Google, Microsoft and Oracle, among others. More than 70 percent of the world’s internet traffic flows through the area, according to HGI.
The Dulles Greene Apartments acquisition continues HGI’s investment in the Dulles Technology Corridor. In March, the company acquired One Dulles Tower, a 403,622-square-foot office tower leased to Amazon Web Services. The building is located roughly three miles from the apartment community.
“The investment further signifies our positive long-term outlook on the Dulles Technology Corridor,” says Litton.
HGI partnered with Image Capital LLC on the transaction. The seller was undisclosed.
Harbor Group International is a private real estate investment and management firm based in Norfolk, Va., with regional offices in New York, Baltimore and Tel Aviv, Israel. The company’s $7.8 billion portfolio includes 5 million square feet of commercial properties and roughly 30,000 apartment units.
— Camren Skelton