(Read more on the multifamily market.)
FAIRFAX, VA-Korman Communities, a luxury extended-stay companybased in Plymouth Meeting, PA, has acquired a multifamilydevelopment recently completed off Dulles Toll Road for $59million. The 169-unit, mid-rise property is located within a63-acre mixed-use development that will, when completed, containapproximately 1.5 million sf of office space, 1,095 residentialunits, two hotels and 34,000 sf of ground-floor retail space.
Korman acquired the multifamily development from the developer,local firm Crimson Partners. The building is one of two structurescompleted in the park; the other is an office building. The entiredevelopment is expected to be complete over the next two years.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
