JLL announced it has closed the $141 million sale of Atley on the Greenway, a 496-unit, transit-oriented apartment community in the Washington, D.C.-area community of Ashburn, Virginia.
JLL marketed the property on behalf of the seller, Northwestern Mutual, and procured the buyer, Fairfield Residential. The property was acquired free and clear of existing financing.
Atley on the Greenway is located at 21827 High Rock Terrace in Northern Virginia’s affluent and amenity-rich Loudoun County submarket. Completed in 2014, the property benefits from visibility along the Dulles Greenway (Route 267) and is less than a mile from the new Ashburn Metro Station (Silver Line). The property features a variety of one-, two- and three-bedroom units averaging 1,001 square feet, 40 of which are designated as affordable. Community amenities include two swimming pools, an outdoor fireside lounge, poolside barbecue and picnic areas, children’s playground, 24-hour fitness center, multi-station business center, and an indoor social lounge with fireplace, TV lounge, gourmet demonstration kitchen and dining area. Since completion, the property has experienced an occupancy rate above 96 percent.
The JLL Capital Markets team representing the seller included Walter Coker and Brian Crivella.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for more than 160 years. Through a distinctive, personalized planning approach, Northwestern Mutual combines the expertise of its financial advisors with a digital experience to help its clients navigate their financial lives every day. With $272.2 billion in assets, $28.5 billion in revenues, and $1.8 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.5 million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. The company manages nearly $150 billion of investments owned by its clients and held or managed through its wealth management and investment services businesses. Northwestern Mutual ranks 111 on the 2019 FORTUNE 500 and is recognized by FORTUNE® as one of the “World’s Most Admired” life insurance companies in 2019.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (securities), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (fiduciary and fee-based financial planning services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance).
About Fairfield Residential
Fairfield Residential is a leading owner and operator of apartment communities throughout the U.S. Fairfield manages 43,000 units nationwide across luxury new construction and renovated apartment homes in urban and suburban neighborhoods and tax credit affordable housing properties. Fairfield offers a fully integrated national multifamily services platform providing development, construction, renovation, asset and property management, and acquisition and disposition services to its investors.
JLL is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.