Berkadia Completes $49.52M Sale of Mission Lofts in Falls Church, Virginia
WASHINGTON, DC – SEPTEMBER 26, 2023 – Berkadia announced today the sale of Mission Lofts, a 156-unit recently delivered office to multifamily conversion located in Falls Church, Virginia. Senior Managing Directors Walter Coker and Brian Crivella, Senior Director Yalda Ghamarian, and Director Bill Gribbin of Berkadia DC Metro completed the sale on behalf of the seller, an affiliate of Arizona-based The Wolff Company and Virginia-based Highland Square. The buyer was Virginia-based JCE, Inc and they were advised by Gates Hudson & Walsh Colucci. The deal closed on September 22.
“The asset quality and Northern Virginia location are a huge draw to investors,” said Crivella. “Deals are harder in today’s environment, but we had a great turnout with respect to the number of bids received which reflects the markets willingness to chase quality assets in strong infill locations.”
Located at 5600 Columbia Pike, the property affords convenient access to major employment hubs in the area including Rosslyn-Ballston Corridor, Tysons Corner, VA, and Washington, DC. The project was the recipient of the 2021 Best DC Area Adaptive Reuse apartment community by Delta Associates.
Mission Lofts was delivered in 2021 and features unique loft-style apartments units tailored to working professionals and a robust amenity package.