ALEXANDRIA, VA-Fieldstone Properties has acquired a garden-style apartment building here for $68 million, or $197,674 per unit. The 344-unit complex was sold by Home Properties. Transwestern's Mid-Atlantic Multifamily Group, led by Dean Sigmon and Robin Williams, represented the seller.
Virginia Village consists of 25 residential 3-and 4-story garden-style walk-up buildings. The property attracted interest from both private and institutional capital, Sigmon says. In general, he tells GlobeSt.com, interest in value-add multifamily in the area is very strong with the sweet spot being 1960s to 1970s garden-style apartments that need renovation. Virginia Village "had the most tours on this asset type than we have seen in years."
The group is currently marketing another portfolio with similar attributes-- the 1,188-unit DC/MD Beltway portfolio. It consists of five value add properties that can be purchased individually or as a portfolio.
Value add works for investors, Sigmon says "because it gives investors the opportunity to acquire a property and then improve returns."
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