ASHBURN, VA—Security Properties has announced that it has acquired Grove at Flynn's Crossing here for $31 million. The seller was not provided but records suggest it is the Springfield, MA-based Aspen Square Management.
The 168-unit property is located at 21892 Blossom Hill Terrace. It is an affordable housing apartment building, available to people and families earning up to 60% of the area median income.
The transaction also represents Seattle-based Security Properties' first acquisition in the greater Washington DC area. It will be the "first of many acquisition" in the market, according to Bryon Gongaware, managing director of Affordable Housing for Security Properties.
Built in 1999, the Grove at Flynn's Crossing is a garden-style apartment complex located less than three blocks from Metrorail's Silver Line Phase 2 expansion.
Sellers were represented by Jeff Kunitz and Brandon Grisham of the Tax Credit Group of Marcus and Millichap.
Fannie Mae debt financing was sourced by Tim Leonhard with Oak Grove Capital. A source tells GlobeSt.com that the GSE provided $25.1 million in financing.
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