(To read more on the multifamily market, click here.)
LEESBURG, VA-Toll Brothers has acquired Westchester at Stratford Farm, a 300-unit rental apartment community, for $65 million. The company plans to convert the apartments to condominium residences called Stratford Club.
With the assistance of Al Cissel and Scott Melnick of Transwestern Commercial Services' Institutional Multifamily Group, Ameriton/Archstone-Smith sold the property. "The conversion of Westchester at Stratford Farm will do well, due to the strong demand for a high quality apartment condominium product in what is the fastest growing county in the nation," says Cissel.
Located at 500 Sunset View Terrace, Stratford sits just off the Dulles Greenway, or Rte. 267, and is within close proximity to the Washington Dulles International Airport. Development of the property--which includes a fitness facility, clubhouse and business center--was completed just last year. According to Loudoun County records, the property has a current assessed value of approximately $30.3 million.
The transformation of Stratford from apartments to condo is reflective of the current demand for condominium projects in the area. "More than 70% of new condo sales in the second quarter of 2005 were in condo conversion or pre-delivery 'switch' projects," according to Delta Associates' Mid-Year 2005 Mid-Atlantic Class A Apartment & Washington Area Condominium report. "Switches and conversions dominate the market these days, with an ever-increasing share of sales."
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