Fairfax Apartment Trades for $144M
The garden apartment property last sold for $125 million in 2012, when it was purchased for renovation.
FAIRFAX, VA–Sussex At Kingstowne, a 556-unit garden apartment property, is trading for approximately $144 million or $258,993 per unit, according to Real Capital Analytics. The seller is a joint venture between Praedium Group and The Milestone Group. The buyer is Harbor Group International.
The last time the 23-building community, which is located at 6050 Edgeware Ln, traded was in 2012, when it was purchased for $125.5 million with an eye to renovation.
Norfolk-based Harbor Group International has a strong presence in the area. Last year it made what it said was its largest purchase ever — 25 apartment complexes in five metro areas including the DC area and Baltimore for $1.8 billion. The other cities in which the 9,677 units were located were Boston, Philadelphia and Chicago.
It also acquired One Dulles Tower, a 13-story, 403,622 square foot Class A office tower in Herndon, Va., for $226 million earlier this year.