Hillwood Square Sold to AvalonBay Communities—Redevelopment Coming

The 20 acres of World War II-era residences at Hillwood Square in Falls Church has been sold to apartment and residence developer AvalonBay Communities Inc.

A homeowners’ cooperative of close to 160 owners agreed to the $38 million sales price, according to Washington Business Journal. The deal closed Monday.

Close to three-quarters of owners voted in favor of selling in 2012, but a group had set up a website that year dedicated to saving the Hillwood Square community.

In February 2012, the group a piece referring to the sale as a “mass evacuation” and claimed the land “has a current estimated value of $85 million to $106 million because it is the largest singly-owned piece of property inside the Capital Beltway.”

The sales price of $38 million works out to about $240,000 per property in the community.

The homes that make up Hillwood Square were built in the early 1940s.

 AvalonBay Communities plans to build 461 residences on the 20 acres of land off of Cherry Street, just east of Annandale Road and north of Arlington Boulevard.

AvalonBay Communities owns Fairfax Towers near West Falls Church, as well as residential developments in Tysons Corner, Arlington, Vienna, Herndon, Reston and elsewhere in Northern Virginia. The company also has developments in several states along the East Coast, in Texas and in Southern California.