WOODBRIDGE, VA—River Oaks Apartments, a294-unit garden-style multifamily complex that delivered in 2012with an eye on the growing demand from nearby Ft. Belvoir, hastraded to San Francisco-based Friedkin RealtyGroup. A source alerted GlobeSt.com to the transaction,which closed last month. Friedkin now has the property listed onits website. According to our source, it traded for $63.8million, or $217,007 per unit and at a 5% caprate.
The seller was the original developer of the project – a JV betweenBainbridge Cos. and Starwood CapitalGroup. HFF brokered the deal.
This is Friedkin's first acquisition in Virginia, according toits website; indeed it appears to be the only asset the real estatefirm owns on the East Coast. The company did not respond to arequest for comment in time for publication.
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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.
