Bozzuto and Invesco Real Estate have jointly acquired Ashton at Dulles Corner, a 454-unit apartment community in Northern Virginia’s high-growth Reston-Herndon corridor.
The acquisition is the second in the firms’ joint $330 million multifamily investment program, which has an overall deployment capacity of approximately $1 billion and targets value-add multifamily assets.
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 partnership plans significant upgrades to approximately 75% of the residences as well as amenity spaces.
“Northern Virginia continues to see strong job growth, and we look forward to elevating Ashton at Dulles Corner through thoughtful renovations and best-in-class management,” said Toby Bozzuto, President and CEO of Bozzuto.
The joint venture’s investment strategy targets properties built in 2000 or later with 150 or more units, located in markets including Massachusetts, New York, New Jersey, Washington, D.C., North Carolina, Tennessee, Georgia, and Florida.
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