London Real Estate Company purchases Vienna apartment community
London-based Nuveen Real Estate has purchased The Reserve at Tysons multifamily complex for $144 million, according to property records. The sale, which closed Feb. 21, was a part of a nine-property acquisition of Class A and B multifamily properties for Nuveen Real Estate’s new investment portfolio. The Reserve at Tysons, previously owned by Denver-based Simpson Property Group LP, was constructed in 2008 and is 478 units of garden-style apartments on nearly 12 acres. The sale price amounts to roughly $300,000 a unit.
Simpson still owns the 14W and Zoso Flats apartments apartments in the District and Arlington County, respectively. Nuveen Real Estate is a part of Nuveen, which is under New York-based investor TIAA. The company said it looks to add “high-quality assets” that are well-located in top U.S. cities and appeal to millennials and middle-income households.