SPRINGFIELD, VA—A fund sponsored by CBRE Global Investors has acquired the Residences at Springfield Station, a 631-unit garden and mid-rise style apartment community here. The price was not disclosed.
The property, which is located at 6802 Junction Blvd., is 94% occupied and is both a garden and mid-rise style development—meaning there are a wide range of apartment units and price points. It is also very close to Springfield Town Center, which is undergoing many changes.
Its primary draw, though, is its location next to the Franconia-Springfield Metro Station.
Also, in general, Fairfax County is ripe for growth and by extension so is its multifamily market, according to Steve Zaleski, senior managing director of CBRE Global Investors Multi-Housing Group. "The Fairfax County submarket is expected to significantly outperform the MSA both in terms of rent growth and vacancy over the forecast period," he says.
The new owner will implement a capital improvement program renovating the unit interiors and upgrading the common areas. It will also improve Metro accessibility.
The building will also be part of CBRE Global Investors' "Inspired Lifestyle" residential service program. These renovations will further enhance its appeal for certain demographics, says Steve Gullo, managing director of CBRE Global Investors Multi-Housing Group.
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