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WOODBRIDGE, VA-A 304-unit, class A multifamily complex and an adjacent 11-acre parcel of land that is located at the Virginia Railway Express Rippon Landing station here has traded hands for $71 million, or $217,000 per unit when adjusted for the value of the land. Craig London, Dean Sigmon and Allen Manesh of Coldwell Banker Commercial Ideal Realty Group represented both buyer and seller in the deal.

An entity controlled by the Fredericksburg-based Hazel Land Co. sold the 300,000-sf property, called Riverside Station Apartments, to Kettler of McLean. Founded in 1977 by Robert C. Kettler, the firm has been systematically acquiring property near such transportation hubs as Metro, VRE and major highway interchanges.

Indeed that may well have been the lure for this acquisition. The 11 acres are Planned Mixed Residential zoned land that can support 550 high-rise units, 27,000 sf of retail space and 250,000 sf of commercial space, according to the brokerage company. Currently, the land is leased to VRE and is being used for commuter parking. However, London tells GlobeSt.com, “The executives at Kettler are very creative and have a long history of working cooperatively with VRE and Prince William County. I foresee them working together to find an optimal use for that site.” London estimates that the parcel of land could hold $300 million worth of development at full build out.

Riverside Station on its own is a solid multifamily investment bet, London adds. Besides being 96% occupied, there are few if any rental products in Prince William County with a view of the Potomac, he says. “You couple that with the location at the VRE site and it becomes a one-of-a-kind asset.” Asking rental rates for the available space, he says, are $1.45 per sf. The 10-building complex–which includes a leasing center and clubhouse–was built in 2004. Two-thirds of the garden style apartments are two-bedroom, with the remainder divided between one- and three-bedroom units.

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