An apartment community near Dulles International Airport has changed hands.
The developers Bozzuto and Invesco Real Estate recently acquired Ashton at Dulles Corner — a 454-unit garden apartment complex at 13958 Mansarde Avenue in the McNair area south of Herndon — as part of a $330 million investment.
The $147 million sale was completed last Thursday (Aug. 14), Fairfax County property records show. The previous owner, an LLC that appears to be tied to the South Carolina-based real estate firm Greystar, had bought the apartments for $149 million in 2021.
In an email to FFXnow, Bozzuto said it plans to make improvements to the apartment complex, which consists of four-story buildings units originally constructed in 2007, per property records.
According to Brad Coker, Bozzuto’s senior vice president of acquisitions, asset management and private equity, those improvements are set to include:
Full renovation of all corridors, upgrades to the two gyms, and two club rooms. A refresh of both courtyards, new fixtures, furniture and equipment and programming, enhanced curb-appeal at the leasing office. Unit renovations – upgraded flooring, appliances, kitchen and bathroom fixtures as well as lighting.
The company also said the site will keep its existing “Ashton at Dulles Corner” name.
In a press release, Bozzuto said the community is part of a joint strategy with Invesco Real Estate targeting properties built in or after 2000 with 150 units or more, particularly in D.C. and other population centers along the East Coast.
Ashton at Dulles Corner is the pair’s second joint acquisition, following the purchase of a multifamily residential complex called Ender’s Place in Orlando, Florida.
“Located in one of the Washington, D.C. metro area’s most dynamic economic hubs, the community offers access to major employment centers, a robust economic base and sustained job growth,” the company said in the Aug. 18 release. “The partnership plans significant upgrades to approximately 75% of the residences as well as amenity spaces, corridors and other common areas, enhancing the living experience and positioning the community for long-term performance.”
