Sterling Investors And Simpson Housing Acquire 508-Unit Multifamily Property In Reston For $240M

The 508-unit Signature at Reston apartments located at 11850 Freedom Drive in Reston, VA, has been acquired by Sterling Investors and Simpson Housing from BXP Inc. for a sale price of approximately $240 million, translating to $472,441 per unit. The property was notably 94.3% occupied the previous year, with average rents reported at $2,841 per unit, and includes an additional 25,000 square feet of retail space.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $240,000,000
• Buyer: Sterling Investors & Simpson Housing
• Seller: BXP Inc
• Units: 508
• Price Per Unit: $472,441
• Average Rent per Unit: $2,841
• Occupancy Rate: 94.3%
• Retail Space: 25,000 square feet

Sterling Investors and Simpson Housing were the key buyers in this transaction, acquiring the multifamily asset from the seller BXP Inc. This deal underscores the capacity of Sterling Investors and Simpson Housing to manage significant multifamily residential investments in the Reston market, enhancing their portfolio in a competitive area.