Virginia

Arbors at Fair Lakes in Fairfax, Virginia
Investment SalesNewsSoutheastVirginia

JLL Brokers $85.6 Million Sale of Arbors at Fair Lakes in Fairfax, Virginia

by Channing Hamilton

FAIRFAX, VA. — JLL Capital Markets has arranged the sale of Arbors at Fair Lakes, a 282-unit, value-add community in Fairfax. Stockbridge sold the property to GID for $85.6 million. Bret Thompson and Robert Jenkins led the Capital Markets Investment Sales Advisory team that brokered the deal. Arbors at Fair Lakes was built in 1987. The property features one-, two- and three-bedroom units with in-unit washers and dryers, patios and balconies, fireplaces and walk-in closets. Amenities include a fitness center, pool, business center, tennis court with a perimeter running track, …

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Jasper Columbia Pike in Arlington, Virginia
Investment SalesNewsSoutheastVirginia

Northmarq Brokers Sale of Jasper Columbia Pike in Arlington, Virginia

by Channing Hamilton

ARLINGTON, VA. — Penzance has acquired Jasper Columbia Pike in Arlington for an undisclosed price. Chris Doerr, Will Harvey and Shack Stanwick of Northmarq’s Mid-Atlantic investment sales team brokered the deal. Jasper Columbia Pike offers 269 units in studio, one- and two-bedroom floor plans. Amenities include a golf simulator room, pool with cabanas, outdoor courtyard with barbeque grills, pool and shuffleboard tables, a clubhouse, business center and a fitness center with cardio and strength training equipment.

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CityHouse Ashburn Station in Ashburn, Virginia
DevelopmentInvestment SalesNewsSoutheastVirginia

AREP, GreenBarn Acquire Build-to-Rent Development Site in Ashburn, Virginia, for $120 Million

by Channing Hamilton

ASHBURN, VA. — A partnership between American Real Estate Partners (AREP) and GreenBarn Investment Group has acquired a development site in the Northern Virginia city of Ashburn, approximately 30 miles west of Washington, D.C. Dream Finders Homes sold the property to the partnership for $120 million. The site is approved for the construction of 200 build-to-rent homes. The community will be called CityHouse Ashburn Station. According to the property website, CityHouse Ashburn Station will offer three-bedroom units with an average size of 2,000 square feet. Amenities will include sports courts, …

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Alley Landing in Des Moines, Iowa.
Affordable HousingDevelopmentFinanceIllinoisIowaMichiganMidwestNewsNorth CarolinaSoutheastVirginia

Woda Cooper Cos. Secures $67 Million for Five Affordable Housing Communities Across U.S.

by Channing Hamilton

COLUMBUS, OHIO — Columbus-based Woda Cooper Cos. has secured $67 million in low-income housing tax credits (LIHTC) to support the financing for five affordable housing communities in the Southeast and Midwest U.S. The North Carolina Housing Finance Agency allocated $1.2 million to Pender Crossing, a 48-unit development to be built in Wilson, North Carolina. Pender Crossing will offer one-, two- and three-bedroom units across three buildings. TightLines Designs, headquartered in Raleigh, North Carolina, is the architect for the development. Woda Cooper is partnering with the Keweenaw Bay Indian Community to …

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Fieldcrest in Richmond, Virginia
Affordable HousingInvestment SalesNewsSoutheastVirginia

Greysteel Arranges Sale of Affordable Housing Property in Richmond, Virginia

by Channing Hamilton

RICHMOND, VA. — Greysteel has brokered the sale of Fieldcrest, a 29-unit affordable community in Richmond. Fletcher Hultman and Henry Mathies of Greysteel’s National Affordable Housing team represented the seller, a joint venture between a local development group and April Housing, an affiliate of Blackstone. The buyer is Wincor Holdings, a recently formed private equity company. Fieldcrest was built in 2006 on a site adjacent to the Richmond Raceway. The property is subject to a Land Use Restrictive Agreement that restricts income and rent levels to 50 percent of the area …

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DevelopmentFinanceNewsSoutheastVirginia

BWE Arranges $50 Million to Construct 900 North Allen Apartments in Richmond, Virginia

by Channing Hamilton

RICHMOND, VA. — BWE arranged a $50 million loan to facilitate the development of 900 North Allen Apartments in Richmond’s Newtowne West neighborhood. Charles DuBose, Adam Bieber and Alec Jenkins originated the loan through a regional bank on behalf of Spy Rock Realty Group. 900 North Allen Apartments will offer 300 one-, two-, and three-bedroom units, as well as amenities including a pool, fitness center, lounge, dog park, co-working booths and an internal parking garage. The community is being built in one of Richmond’s opportunity zones as part of a federal initiative …

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The Belhaven Apartments in Alexandria, Virginia
DevelopmentNewsSoutheastVirginia

Fairfield Completes The Belhaven Apartments in Alexandria, Virginia

by Channing Hamilton

ALEXANDRIA, VA. — Fairfield Residential has completed the development of The Belhaven Apartments, a 349-unit community in Alexandria. Located at 6375 Richmond Hwy. adjacent to Kings Crossing shopping center, The Belhaven Apartments features studio, one- and two-bedroom floor plans. Of the total 349 units, 42 are designated as affordable. Details regarding income restrictions were not disclosed. Amenities include a fitness center, a pool with a spa, EV chargers and a pet spa.

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Millspring Commons Apartments in Richmond, Virginia
Investment SalesNewsSoutheastVirginia

RailField Acquires Millspring Commons Apartments in Richmond, Virginia

by Channing Hamilton

RICHMOND, VA. — RailField has purchased Millspring Commons Apartments, a 159-unit townhome-style community in Richmond, for an undisclosed price. Amenities at the community include a clubhouse with a fitness center, pool, outdoor exercise area, outdoor kitchen and grilling area, playground and dog park. RailField purchased the property on behalf of its RLM Preservation Fund, which focuses on preserving affordable and workforce housing. The firm plans to renovate both the common areas and apartment interiors.

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A 3D render of 2 Rivers Apartment Homes, a complex in Williamsburg.
DevelopmentNewsSoutheastVirginia

S. L. Nusbaum Realty Co. Begins Construction on 2 Rivers Apartment Homes in Williamsburg

by Channing Hamilton

WILLIAMSBURG, VA. — S. L. Nusbaum Realty Co. has begun construction on 2 Rivers Apartment Homes, an 119-unit affordable community in Williamsburg. The Norfolk, Virginia-based company worked with AGM Financial Services and TowneBank to secure financing. The cost of the project is expected to total approximately $26 million. Harkins Builders is the general contractor. 2 Rivers Apartment Homes will be constructed in two phases. The first phase of the community will comprise 59 units in one-, two- and three-bedroom floorplans. Amenities will include a clubhouse, fitness center, business center with …

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Aqua Vista in Newport News
Affordable HousingDevelopmentNewsSoutheastVirginia

BLVD Begins $35.8 Million Affordable Housing Renovation in Newport News

by Lynn Peisner

NEWPORT NEWS, VA. — The BLVD Group has acquired and plans to renovate Aqua Vista Apartments in Newport News. The 150-unit community was originally constructed in 1970. The $35.8 million redevelopment will include a gas-to-electric conversion, new roofs, insulation, energy efficient windows and entry doors. Each unit will receive new kitchens, bathrooms, appliances, flooring, paint and LED light fixtures. The owner will expand amenities at the site, adding new barbecues, a playground, a dog park, a business center, a community room and a new leasing office. The redevelopment will preserve …

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