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444-Unit Apartment Complex Pulls in $61M

MANASSAS, VA-Berwyn, PA-based LCOR acquires the Ravens Crest Apartments for $61 million. The 444-unit garden-style apartment property last traded in 1999 in a deal valued at about $31 million.

By Barbra Murray | Updated on January 10, 2006

(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.

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