FALLS CHURCH, VA-Kettler has sold a local apartment building called Fields at Westover. The 305-unit complex traded for $26.7 million to Silverwood Cos. Jeff Kunitz, with Marcus & Millichap’s Tax Credit Group in Seattle, along with colleagues Robert Sheppard, Armand Tiberio, Spencer Hurst structured the deal, assisted by locally-based David Weber. Financing was provided by the Virginia Housing Development Authority.

The complex had an existing VHDA loan “so it made sense for the authority to reissue a new loan for the sale,” Webber tells GlobeSt.com. The property traded at a market rate, he adds, with the occupancy rate somewhere in the mid-90% range

This trade is the latest example of VHDA’s stepped-up support–at least anecdotally–of multifamily sales in Virginia that have an affordable housing component. Ellicott City, MD-based Orchard Development financed its $15.5-million purchase of the Chesapeake, a 184-unit garden-style rental community in Dumfries, VA, last month using Low Income Housing Tax Credits offered by authority as well as a bond issuance.

In October Foulger-Pratt Cos. closed on a $26-million acquisition of an affordable housing apartment community in Alexandria, VA called The Fields at Landmark, for $26 million using VHDA. It was among the first to be supported by the authority’s new program aimed at property owners that already have VHDA debt on the buildings. The point is to facilitate the sale or refinancing so the apartment building can still stay affordable. Marcus & Millichap brokered The Fields and Landmark deal as well.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.