STERLING, VA – Jair Lynch Real Estate Partners and Nuveen Real Estate have purchased a 320-unit apartment community in Sterling, VA for $105.5 million. The partners acquired the property from FCP and KETTLER.
FCP and KETTLER originally acquired the property in December 2014 for $55.8 million.
The acquired property, Fields at Cascades Apartments, features a pool, a fitness center, tennis courts, a playground and a community clubhouse. The asset is situated near the Dulles Town Center and the Dulles Tech Corridor, and it is accessible by Route 7, Fairfax County Pkwy and Dulles Toll Rd.
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"Fields at Cascades is a well-located community in Loudoun County, an area in high demand by Northern Virginians," says Lollie Corrigan Loflin of FCP. "Over the past eight years, ownership has invested more than $1.2 million in improvements to this property, including updates to the leasing center, common area amenities, and curing of deferred maintenance."
Corrigan Loflin adds, "We are pleased that Jair Lynch and Nuveen are committed to preserving quality workforce housing through their investment in this property."
CBRE affordable housing's Jonathan Greenberg, Jeff Kunitz and Mike Canori represented FCP in the transaction.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
