WOODBRIDGE, VA—River Oaks Apartments, a 294-unit garden-style multifamily complex that delivered in 2012 with an eye on the growing demand from nearby Ft. Belvoir, has traded to San Francisco-based Friedkin Realty Group. A source alerted GlobeSt.com to the transaction, which closed last month. Friedkin now has the property listed on its website. According to our source, it traded for $63.8 million, or $217,007 per unit and at a 5% cap rate.
The seller was the original developer of the project – a JV between Bainbridge Cos. and Starwood Capital Group. HFF brokered the deal.
This is Friedkin's first acquisition in Virginia, according to its website; indeed it appears to be the only asset the real estate firm owns on the East Coast. The company did not respond to a request for comment in time for publication.
Public records show that the land for River Oaks Apartments, located at 2940 Shumard Oak Dr., traded for $12.4 million in February 2010.
The property is currently 93% occupied. It is located within a triangle-shaped area consisting of Ft Belvoir, the Pentagon and Quantico Marine base.
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