ALEXANDRIA, VA - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of Bennington Crossings, a 308-unit community located in Northern Virginia’s dynamic Alexandria submarket.
ARA MidAtlantic-based Principal’s Drew White and Ryan Ogden represented the seller, privately-held, Greenwood Village, CO-based Laramar Group, in this transaction.
The property was acquired by The JBG Companies, a private, Washington, DC-based commercial real estate firm.
The sale of Bennington Crossings, a garden style apartment community located in the Alexandria, Virginia submarket, provided The JBG Companies a strong value-add investment opportunity. The community’s irreplaceable location, access to strong infrastructure and vast public transportation system, as well as outstanding submarket fundamentals, create an exceptional opportunity for The JBG Companies to acquire an asset that is well-positioned to realize future rent growth potential in the nation’s strongest apartment market.
Constructed in 1962 and renovated in 2008, the property reported 95% occupancy at the time of the sale.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Drew White, white@arausa.com, 703.575.2151. To contact the buyer, please email Ed Chaglassian at echaglassian@jbg.com
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace resulted in an annual production volume of $9.5 billion in real estate transactions in 2012. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com