(To read more on the multifamily market, click here.)
MANASSAS, VA-LCOR has taken ownership of Ravens Crest Apartments, courtesy of a $61-million deal. New York's BlackRock Realty sold the 444-unit upscale multifamily property to the Berwyn, PA-based firm which had been managing the complex since its completion in 1989.
The apartment community had come into BlackRock's possession upon parent company BlackRock Inc.'s 2004 acquisition of SSR Realty Advisors, which had acquired Ravens Crest for just under $31 million in 1999. Michael Marshall and Drew White of Cushman & Wakefield's Apartment Brokerage Services Group brokered the sale on behalf of BlackRock.
Ravens Crest is located at 8098 Ravens Crest Court in the Bull Run subdivision near Interstate 66 in Prince William County. While Cushman & Wakefield billed the property as a solid candidate for condominium conversion, the demand for apartment units is still substantial. "The Prince William County submarket is expected to continue to experience strong rent growth due to increased demand for housing and a lack of supply," Marshall notes.
As per Delta Associates Mid-Year 2005 Apartment & Condo Report, the vacancy rate among class A garden apartments in the East Prince William County area is 1.8%. Both condo and rental properties in the market are positioned to continue to perform well, given the nearby locations of such large employers as Prince William Hospital, Lockheed Martin and Micron Technology, which will soon expand with the addition of 900 new positions.
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