Last month, Atlanta-based investor Invesco Real Estate and Greenbelt, Maryland-based apartment owner, manager and developer Bozzuto announced a $330 million multifamily investment program with an overall capacity of $1 billion to buy apartments across key East Coast markets.
At the time of the announcement, the partners acquired Anders Place, a 220-apartment community situated in the Baldwin Park neighborhood of Orlando, Florida. Earlier this week, they followed that up with a second acquisition — Ashton at Dulles Corner, a 454-unit apartment community in Northern Virginia’s Reston-Herndon corridor, according to a news release shared with Multifamily Dive.
“This acquisition reflects our shared commitment to identifying and enhancing high-quality communities in thriving markets,” Toby Bozzuto, president and CEO of Bozzuto, said in the release. “Northern Virginia continues to see strong job growth, and we look forward to elevating Ashton at Dulles Corner through thoughtful renovations and best-in-class management.”
Monthly rent at Ashton at Dulles Corner is between $1,970 and $3,617, according to Apartments.com. The property offers one-, two- and three-bedroom units ranging from 696 square feet to 1,811 square feet. Amenities include a pet play area, business center, lounge, fitness center and pool.
Bozzuto and Invesco Real Estate plan significant upgrades to approximately 75% of the residences as well as amenity spaces, corridors and other common areas.
The joint venture targets properties built in 2000 or later with 150 or more units, located in Massachusetts; New York; New Jersey; Washington, D.C.; North Carolina; Tennessee; Georgia; and Florida.
“The capital and partnership framework provides the financial flexibility and strategic alignment necessary to navigate evolving market conditions, allowing us to act decisively on opportunities that advance our long-term growth objectives and commitment to investors and the communities we serve,” Bozzuto said in the initial press release announcing the partnership.
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