Chevy Chase Land buys into BallstonThe Washington Business Journal September 28, 2018
Chevy Chase Land Co. has acquired a recently completed 173-unit apartment building in Ballston from an affiliate of The Penrose Group $90 million.
The Chevy Chase-based Land Co. bought 672 Flats, at 670 N. Glebe Road, through a 1031 tax deferred exchange from its sale of 7316 Wisconsin Ave. in Bethesda earlier in September. Saul Centers (NYSE: BFS) had been under contract to acquire 7316 Wisconsin for $35.5 million since at least May.
The six-story Ballston apartment building with ground-floor retail — located across the street from Ballston Quarter and adjacent to Saul Centers’ massive 750 N. Glebe mixed-use building — was only completed in June.
“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, multi-family asset,” Tom Regnell, president and CEO of The Land Co., said in a release.
The Penrose project was designed by Hord Coplan Macht Inc., Studio 39 and Linowes Design Associates. It was first proposed in 2014 for a site bounded by North Glebe, North Carlin Springs Road and Seventh Street North. That site formerly comprised three uses — Macy’s surface parking, Prestige Certified Motors and an Exxon station.