Partnership Acquires DC-Area Multifamily Property for $113M
Blackfin Real Estate Investors and a fund managed by Clarion Partners LLC have purchased a recently-updated, 444-unit apartment community in Manassas, VA.
MANASSAS, VA – The joint-venture partners, Blackfin Real Estate Investors and a fund managed by Clarion Partners LLC have purchased the 444-unit, Ravens Crest apartments in Manassas, VA for $113 million.
The multifamily asset was purchased from a partnership between LCOR and a fund managed by Ares Management Corporation’s real estate group.
The recently-updated garden-style apartment community offers one-bedroom and two-bedroom floorplans. The property’s units now feature stainless steel appliances, updated lighting, cabinetry, granite countertops, walk-in closets, balconies or patios and wood-style flooring. The property also features a newly-renovated clubhouse and fitness center, a business center, a picnic area with grills, a playground, a private swimming pool, an outdoor kitchen and recreation areas.
Located at 8098 Ravens Crest Ct. and situated 30 miles from Washington DC, the apartment community is additionally situated near a jogging trail and various retail and dining options.
The property has historically performed well; holding a 95% occupancy with an average rent growth of 3.7%.
JLL represented the seller to complete the transaction. The JLL capital markets team representing the borrower was led by senior managing director, Walter Coke, senior managing director, Brian Crivella, director, Robert Jenkins and director, Bill Gribbin.