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GlobeSt.com EXCLUSIVE: Two Apartment Properties Sell for $38M

FREDERICKSBURG, VA-Two multifamily complexes, Snowden Village Apartments and Steeplechase Apartments, sell in two separate deals. Seller Aimco Properties walks away with an aggregate $38 million for the rental communities, which account for a total of 410 class B residences.

By Barbra Murray | Updated on November 30, 2005

(To read more on the multifamily market, click here.)

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.

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