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Rosslyn extended-stay apartment tower sells for $70 million

Rosslyn’s Oakwood Arlington extended-stay apartments has changed hands for $70 million.

Mapletree Investments, a Singapore real estate investment firm, has acquired the 184-unit property at 1550 Clarendon Blvd. from AvalonBay Communities Inc. (NYSE: AVB). AvalonBay acquired the property in 2013 as part of a larger $6.5 billion acquisition of previous owner Archstone Enterprise LP.

Los-Angeles-based Oakwood, which is wholly owned by Mapletree, has managed the property for more than a decade and will continue to do so. Mapletree said the acquisition, which is part of a value-add strategy, demonstrates its growing confidence in the Northern Virginia market.

“As Arlington and its surrounding neighborhoods continue to grow and attract global businesses, we are committed to investing and developing offerings for major corporations and the U.S. government through strategic acquisitions,” Chua Tiow Chye, Mapletree’s deputy group chief executive officer, said in a statement. “We will be investing…

Read the full story from the Washington Business Journal.