HFF Arranges $90M Sale of New Multifamily Property in Northern Virginia

by Amy Works

ARLINGTON, VA. — HFF has arranged the sale of 672 Flats, a newly completed multifamily community located in Arlington’s Ballston submarket. The Chevy Chase Land Co. acquired the property from a joint venture between The Penrose Group and Clark Enterprises for $90 million.

Walter Coker and Brian Crivella of HFF represented the seller in the deal. The buyer purchased the property free and clear of existing debt. Jamie Leachman, Chris Hew and Nicole Brickhouse of HFF’s debt placement team arranged a 12-year, fixed-rate acquisition loan through USAA Real Estate for the buyer.

The six-story community features 173 apartment units, ranging from studio to two-bedroom loft- and flat-style floorplans, with open layouts, stainless steel appliances, custom cabinetry and pantries with built-in microwaves, fixed and movable kitchen islands, hardwood-style flooring and full-sized washers/dryers. Community amenities include a resident lounge with bar, game room with billiards, poker table shuffleboard, air hockey and gaming center; fitness room with cardio, free weights and boxing/kickboxing; cyber lounge/mail room with computer stations and coffee service; bike storage; and controlled-access garage parking.

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