X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MANASSAS PARK, VA-The $38 million Manassas Park Apartments project has gotten a big boost with the recent $7.6 million equity investment from the Purchase, NY-based Tuckerman Group, the real estate investment arm of State Street Global Advisors. Construction is already underway on the 350-unit apartment complex, which is on track to open its first units in the fall of 2003.

Developed by Fairfield Residential LLC, Manassas Park Apartments will offer 13 class A buildings in a luxury setting. All structures will be of a garden-style design, and the property will include a separate building to house the community clubhouse. For Tuckerman, this endeavor marks the first project of its new Multi-Family Development Program III vehicle, which is supported by capital commitments of $85 million from a variety of institutional and high net worth investors.

Fairfield is embarking on new territory, as well. “The transaction provides our clients with an opportunity to enter the highly desirable Northern Virginia market at an attractive per unit cost basis,” Tuckerman managing director Glen S. Weisberg tells GlobeSt.com. “The Manassas Park community offers a high quality of life with good schools, parks and recreational facilities. The site is across the street from a Virginia Railway Express station, which we believe will be a real attraction to renters that commute to Fairfax, Arlington and the District.”

Fairfield has developed nine other upscale garden apartment communities in nearby outlying suburban areas. “Our sites and design guidelines are intended to appeal to institutional real estate investors,” Fairfield officials say. “Our offerings typically trade from $15 to $50 million.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.