West Springfield Terrace Apartment Complex Commands $34.2M

SPRINGFIELD, VA-Rochester, NY-based Home Properties forks over $34.2 million to Atlanta’s Security Capital Atlantic Inc. in return for ownership of the 244-unit West Springfield Terrace apartment community. Home Properties is planning to invest an additional $1 million in upgrades to the complex over the next several years. Fairfax County records list the property’s 2002 value at nearly $24.5 million. Security Capital paid $16.1 million for the apartments in 1996.

West Springfield Terrace occupies a 13.5-acre plot on 8525 Burling Wood Dr., which is within close proximity to the Capital Beltway. The all brick, multi-structure community consists of 17 buildings at three and four stories high, and a two-story leasing and community center that houses the fitness center. There is also a tennis court and picnic area on the grounds. Built nearly a quarter century ago, the property underwent remodeling in 1990. The tenant occupancy level was a tad over 95% at the time of the sale.