GAITHERSBURG, MD–Fairfield Residential has acquired an apartment building here from CBRE Strategic Partners US Value 6 Fund. The property was originally called Highland Square but Fairfield is now referring to it as Barkley 17, which is its address.
Fairfield Residential paid $58.8 million, or $186,667 per unit for the 315-unit apartment property, which is about 94% leased. The fund, which was sponsored by CBRE Global Investors, used its brokerage affiliate to market the property.
The last time it traded was in October 2012 for $63.5 million.
CBRE Global Investors declined to comment but Bill Revers of Fairfield Residential, who handles acquisitions on the East Coast, confirmed the transaction for GlobeSt.com.
He told us that Fairfield is planning some very minor improvements to the unit interiors and building common areas.
GAITHERSBURG, MD–Fairfield Residential has acquired an apartment building here from CBRE Strategic Partners US Value 6 Fund. The property was originally called Highland Square but Fairfield is now referring to it as Barkley 17, which is its address.
Fairfield Residential paid $58.8 million, or $186,667 per unit for the 315-unit apartment property, which is about 94% leased. The fund, which was sponsored by CBRE Global Investors, used its brokerage affiliate to market the property.
The last time it traded was in October 2012 for $63.5 million.
CBRE Global Investors declined to comment but Bill Revers of Fairfield Residential, who handles acquisitions on the East Coast, confirmed the transaction for GlobeSt.com.
He told us that Fairfield is planning some very minor improvements to the unit interiors and building common areas.
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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.
