FAIRFAX, VA-GID announced it acquired Corner 4209, a 191-unit apartment building here earlier this month. The company did not provide the purchase price or the seller; a source tells GlobeSt.com that the luxury building traded for $58.2 million, or $304,712 per unit, from Whiteco Industries.

Corner 4209 is ideally located for an investor seeking to tap this asset class and this particular constituency of renter. The property provides residents with easy access to downtown Washington, DC and Tyson's Corner. It is about five miles west of the Vienna Metro Station, on the Washington, D.C. Metro's Orange Line.

It was built in 2012 with an average unit size of 919 square feet. There is an additional 19,212 square feet of ground level retail.

Bill Chiasson, SVP of Real Estate Acquisitions at GID says the acquisition was a good opportunity to acquire a building next to an asset the company already owns--Ridgewood by Windsor, which will result in operating efficiency and increase its footprint in the submarket. "Fairfax, Virginia is one of the most economically dynamic counties within the Washington, DC metropolitan area with an affluent and well educated population, resulting in an attractive investment opportunity," he says in a prepared statement.

Instant Insights /

GID Acquires Luxury Apartment for $58M

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