STAFFORD, VA—Ramco Gershenson Property Trust has sold a parcel of land to a developer, which plans to build 256 garden style apartments at the site. The buyer of the parcel was Aquia Apts., LP. DTZ's Chris Doerr represented Ramco in the transaction.
The parcel is part of The Town Center at Aquia, a 36-acre master-planned mixed-use development consisting of office, retail and residential that is located at the intersection of Route 1 and Washington Drive in Stafford, VA.
"The market is very hot for surface-parked, garden-style apartment deals," Doerr says in a prepared statement. "The lower cost of construction allows developers to achieve attractive yields, which in turn increases their ability to get financing."
Another driver to probably this and certainly other recent land sales has been the ongoing demand for residential housing. It was behind Matan Cos.' recent sale of 25 acres of its 106-acre Westview South development site to Mitchell & Best Home Builders – the company plans to build 518 luxury homes at Westview South, including 3 and 4 level townhomes, condominiums, and single-family homes.
Also, Pulte Homes recently acquired a 13.54-acre parcel of land in Loudoun County. Pulte plans to build 95 town homes on the site.
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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.
