RESTON, VA. – Transwestern Investment Group (TIG) today announces 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. 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.
The property is currently 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 Transwestern family of companies. TIG currently manages more than $1.4 billion in institutional real estate investments on behalf of its discretionary and non-discretionary clients. Through its wholly owned subsidiary, Transwestern Investment Management, the company has registered with the SEC and is a Registered Investment Advisor.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group is an investment advisor serving a broad range of investors through a diversified array of discretionary and non-discretionary investment vehicles. Our client-focused, relationship driven approach ensures our priorities are our clients' investment objectives. Trust, integrity and transparency are the cornerstones of our business. Transwestern Investment Group provides tactical investment management with an integrated operating platform through the Transwestern family of companies, which includes a diversified real estate services firm with 34 U.S. offices and a development company. For more information, please visit transwesterninvest.com.