202

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.

The portfolio is part of Nuveen’s Global Resilient Series, which aims to capitalize on long-term, structural real…

Read the full story from the Washington Business Journal.