$38M Apartment Complex Commands Investment

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.”