RESTON, Va. – Transwestern Investment Group announces the Parkridge III, a 107,400-square-foot office building located at 10701 Parkridge Blvd. in the Reston submarket of Washington, D.C., was acquired on behalf of Diversified International Partners, a private equity real estate fund for Latin American institutional investors and qualified high net-worth investors.
Transwestern Investment Group (TIG), the fund manager, found this opportunity matched the fund’s investment criteria. This is the sixth asset acquired for the fund, and it is expected to provide both current yield and attractive value appreciation for the fund’s investors.
“Parkridge III is consistent with the fund’s focus on stable cash flow through the acquisition of infill, transit-oriented buildings that tenants find attractive,” said TIG’s Collin Comer, managing director of acquisitions.
Reston, Va. is regarded as one of the first major master-planned communities in the nation to be a cornerstone in the “New Town” urban planning movement.
The Parkridge III office property is 91 percent leased with minimal near-term rollover. TIG’s performance plan for the asset includes improving existing vacant space to attract new tenants. Jonathan Napper, vice president of acquisitions for TIG, worked directly with Eric Berkman and Steve Gichner, the team that brokered the transaction for the seller.
“We believe Parkridge III will continue to perform in the strengthening Reston submarket, as well as benefit from the Metro’s Silver Line,” said Napper.
Transwestern Investment Group is an independent investment management company affiliated with the Houston-based Transwestern companies. TIG currently manages more than $1.4 billion in institutional real estate investments on behalf of its discretionary and non-discretionary clients.