Chevy Chase Land Co. Buys Ballston Apartment Building For $90M

A new Ballston apartment building that welcomed its first residents in June has traded hands for $90M. The Chevy Chase Land Co. announced Thursday it acquired the 672 Flats apartment building through a 1031 exchange from the sale of 7316 Wisconsin Ave. in Bethesda. The Penrose Group developed the 173-unit apartment building at 672 North Glebe Road. It was designed by Linowes Design Associates. The six-story building includes 4,500 SF of retail and 178 parking spaces. The property sits directly across the street from Ballston Quarter, Forest City's major redevelopment of the Ballston Common Mall that is scheduled to open this fall. It is about a quarter-mile from the Ballston Metro station. “The acquisition of 672 Flats broadens The Land Company’s investments in transit-oriented, urban properties and diversifies the portfolio with the acquisition of a Northern Virginia, multifamily asset,” The Chevy Chase Land Co. CEO Tom Regnell said in a release. Please click here to read the article at Bisnow.com