Greystar, potentially the largest multifamily landlord in the US, has sold another property, this time in Northern Virginia. Investment firm GID acquired the 423-unit luxury apartment tower in Arlington, Virginia, for $215.8 million, renaming it Windsor Courthouse. The deal for the 20-storey development at 2055 15th Street North is valued at more than $510,000 per unit.
The Business Journals reported on the transaction, citing data from CoStar. Berkadia orchestrated the transaction on behalf of Greystar. Neither Boston-based GID nor Charleston, South Carolina-based Greystar commented on requests for this article. The sale underscores the continued appeal of high-quality residential properties in strategically important locations.
Property and Location Details
Windsor Courthouse is located directly next to the Court House Metro station, was completed in 2023, and is the tallest residential building in Arlington's Court House neighbourhood. It features 18,500 square feet of ground-floor retail space leased to tenants such as French café Maman, YogaSix, and Playa Bowls. Japanese restaurant Saki will soon open another location at Windsor Courthouse.
Brian Crivella, Yalda Ghamarian, Bill Gribbin, and Jack Canepa of Berkadia handled the transaction for Greystar. This divestment demonstrates Greystar's strategy of actively managing its portfolio and realising value. At the same time, GID solidifies its presence in a key region.
GID's Strategic Portfolio Expansion
The acquisition expands GID's portfolio in Northern Virginia, which is managed by its subsidiary Windsor Communities. Windsor Communities already operates properties such as Halstead Tower by Windsor in Alexandria, Io Piazza by Windsor in Arlington, and Ridgewood by Windsor in Fairfax. Greystar also remains present in the submarket, having completed a 231-unit high-rise across the street last year.
- —Transaction value: $215.8 million
- —Number of units: 423
- —Price per unit: over $510,000
- —Completion of Windsor Courthouse: 2023
