(Read more on the multifamily market.)
ALEXANDRIA, VA-Waterton Residential and CalSTRS have purchased aformer condo conversion complex for $70.5 million. Called theRidgeleigh at Van Dorn, it is a 314-unit garden apartment complexthat was originally developed by Washington Communities as a360-unit rental community in 1995 and then converted intocondominiums in 2006.
In mid-May the complex went into foreclosure. Waterton purchasedRidgeleigh from the foreclosing mortgage lender, Fremont Investmentand Loan. Since 46 condo units had already been sold, the purchaseincluded the remaining 314 units. Coldwell Banker Commercial IdealRealty Group served as the broker in the transaction.
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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.
