Nearly $2.3 billion of real estate changed hands last week when the Mark Winkler Company decided to sell its commercial and residential portfolio in the area.
The family real estate company, which has been in business in the region for more than 60 years, agreed to sell most of its residential properties to JBG Investment Fund, an affiliate of developer JBG Companies. The portfolio, which includes more than 5,000 apartments in 12 Northern Virginia complexes, includes two Reston complexes, Crescent and Fairway apartments.
The affordable housing offered at the Crescent complex features 180 rental units, from one- to three-bedrooms. In 18 three-story buildings on 19 acres, Fairway offers 346 rental units, also with one- to three-bedroom dwellings.
For Crescent Apartments, which was a frequently discussed property during the three-day Lake Anne revitalization charrette last summer, the possibility for redevelopment was a selling point mentioned by CB Richard Ellis, the real estate company who helped broker the Winkler portfolio.
“Potential for converting some communities to condominiums” was one of the key attributes listed for the properties in a CBRE brochure.
CBRE specifically marketed Crescent as an investment redevelopment opportunity, trying to leverage the ongoing revitalization effort at Lake Anne.
“Crescent has recently been incorporated into a new Fairfax County plan for redevelopment of the Lake Anne section of Reston, presenting a significant apartment or condominium re-development opportunity for the new owner,” said the CBRE brochure.
JBG, which owns the Reston Sheraton and the new development next door, the Mercer at Reston Square, plans to purchase the Reston International Center as well. The purchase would include additional land by the center and the right to develop a residential tower on the plot.