FAIRFAX COUNTY, VA - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of 20 acres of land located in the Falls Church area of Fairfax County, VA
ARA Land Services, in conjunction with Fraser Forbes Real Estate Services, jointly represented the sellers, Hillwood Square Mutual Association, in this complex transaction.
The 20 acre property sold for $38,000,000. Originally under contract with Archstone, the project transferred to AvalonBay Communities as part of the Archstone sale earlier this year. AvalonBay Communities’ plan calls for the demolition of the existing 160 units to make way for construction of 461 stick built and primarily surfaced parked units on the site.
“Hillwood was one of the most complicated as well as the most rewarding land deals we have had the opportunity to represent in our careers.”, said the lead deal team of Mark Anstine and Dan Lockard of ARA. They added, “Working with 160 coop members, we would like to thank our dedicated sellers that worked hard to help us reach the consensus needed for the sale of this landmark transaction.”
Fraser Forbes Real Estate Services and ARA Land Services are also grateful for the opportunity to have represented the seller in this transaction and appreciate and extend congratulations to AvalonBay Communities and their team who have worked diligently to close this transaction.
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, Dan Lockard, dlockard@arausa.com, (703) 575-2103.
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