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FREDERICKSBURG, VA-Ownership of Snowden Village Apartments and Steeplechase Apartments has changed hands in two separate transactions totaling $38 million. Together, the properties account for 410 rental residences.
With the assistance of real estate services firm Cushman & Wakefield's Apartment Brokerage Services, Aimco Properties sold the multifamily communities. The 254-unit Snowden Village, located off Interstate 95 less than 20 minutes from Quantico Marine Corps Base in Prince William County, was snapped up by Juniper Investment Group for $23 million. Consisting of several low-rise structures, it was developed in two phases, Snowden Village I in 1970 and Snowden Village II in 1980.
The class B property at 2352 Cowan Blvd. became part of Aimco's portfolio in 1998, according to a 1999 SEC filing by the company on real estate and accumulated depreciation. Steeplechase sits about five miles from Snowden Village at 5300 Steeplechase Dr. and sold to Fairfield Residential for $15 million. Also located near Interstate 95, the 156-unit Steeplechase is also a class B multifamily community, and was developed in 1985 and renovated in 2000.
According to Cushman & Wakefield--neither Juniper nor Fairfield relied on outside representation--both complexes attracted attention from potential investors. "Snowden Village and Steeplechase are located in one of the fastest growing regions in Virginia," says C&W's Drew White, who negotiated both deals. "A couple of years ago no one even thought about considering Fredericksburg part of the Washington, DC metro area but now Fredericksburg is very much a part of the metro area."
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