SPRINGFIELD, VA—Earlier this month we reported that a fund sponsored by CBRE Global Investors has acquired the Residences at Springfield Station, a 631-unit garden and mid-rise style apartment community. The price was not disclosed but a source has told us that the property traded for $164.5 million, or $260,697 per unit.
The property, which is located at 6802 Junction Blvd., is 94% occupied and is both a garden and mid-rise style development—meaning there are a wide range of apartment units and price points.
The new owner will implement a capital improvement program renovating the unit interiors and upgrading the common areas.
The building will also be part of CBRE Global Investors' "Inspired Lifestyle" residential service program. These renovations will further enhance its appeal for certain demographics, says Steve Gullo, managing director of CBRE Global Investors Multi-Housing Group.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
