The Avenue Sells for $196 million

Car Avenue 215 scout final

The Washington Business Journal is reporting that Boston Properties has reached a deal to sell the residential portion of its The Avenue mixed-use project, designed by Carlyn and Company Interiors + Design, for $196 million. The article reports that “the 335-unit The Residences on the Avenue boasts an average occupancy rate of about 93.6 percent, with an average rental rate of $3,084,” among its other accolades. The project was the 2011 winner of a Great American Living Award and also won the Apartment & Condominium Industries Awards For Excellence by Transwestern and Delta Associates in the category of Best Mid-Atlantic High-Rise Apartment Community in 2011. “The Avenue mixed-use development… racked up several honors including being named the Washington Business Journal’s Best Real Estate Deal of 2012,” reports the WBJ article. Read the full story on the sale of The Avenue here.

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