Cushman & Wakefield Arranges $42.4 Million Sale of Washington-Area Apartments
3 Oct, 2012, Washington, DC
Commercial real estate services firm Cushman & Wakefield, Inc. has organized the $42.4-million sale of Chase Heritage Apartments, a garden style 236-unit apartment community in Sterling, VA. TJ Liberto and Jeff Pacy of the firm's Multifamily Advisory Group represented the seller, Henderson Global Investors, and procured the buyer, Continental Realty Corporation.
"The property represented a fundamental investment opportunity," said Mr. Pacy. "The property's high quality amenity package, modern unit design and full sized washers / dryers in every unit appealed to a wide variety of value-add investors."
The property is located in Loudoun County, the wealthiest county in the country and only minutes from the Dulles Toll Road (Route 267), Dulles Airport, and the upscale Dulles Town Center. Comprising more than 232,000 square feet, Chase Heritage Apartments is situated within the prestigious Dulles Technology Corridor, home to some of the Washington metropolitan area's most renowned employers. Chase Heritage will benefit from the Metrorail Silver Line extension and new stations at Route 606 and Route 28, each approximately 3 miles away.
"Chase Heritage had been well maintained with some unit interior renovations already completed," added Mr. Liberto. "The market for well located multi-family communities with value-add potential in the Washington metro is very strong and we continue to see strong demand from both local owners and those outside the region."
Cushman & Wakefield's Mid-Atlantic Multifamily Advisory Group covers Maryland, Virginia and Washington, D.C. The Mid-Atlantic team has been successful in maximizing value for their clients due to their dedication and drive to exceed client's expectations. They provide complete capital markets advisory including disposition services, third party equity placement and structured financing for multifamily clients.