FAIRFAX, VA-San Francisco-based Carmel Partners recently acquired its fifth multifamily in the Northern Virginia market: the 250-unit Avera Station for approximately $65.8 million. The seller was Atlanta-based Beazer Homes.
Beazer originally developed the property with the intent of delivering a condo project. Carmel acquired the building empty–that is, free of the condo contracts that had been negotiated. Since the deal closed earlier this summer, Carmel has leased approximately 40% of the building, Chris Beda, the company’s chief investment officer tells GlobeSt.com. “This was an opportunity to buy an institutional core asset and execute on the lease up–which was a value-add for the acquisition,” he says.
Carmel has a strong interest in the Northern Virginia market, Beda adds. The company expects it will make additional investments here, although he declined to provide a specific target. The Avera has been renamed Carmel Vienna Metro to reflect its location at this metro stop–which was part of the property’s appeal to Carmel, Beda says.
Rents for the units will range from $1,200 to $2,450. High-end amenities include 40-inch plasma TVs in every unit and high grade finishes such as granite counter tops, premium stainless steel appliances, ceramic tile bathrooms, hardwood flooring and nine foot ceilings.