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Multifamily Sales Still Strong in Region

WASHINGTON, DC-For numerous reasons, demand for both Class A and Class B buildings remains strong in regional submarkets..

By Erika Morphy | Updated on August 02, 2006

WASHINGTON, DC-Two separate sales of multifamily properties in the DC area submarkets point to ongoing demand for investment opportunities in this asset class. In Stafford, VA, The Archon Group purchased Alta at Courthouse Square Apartments from Wood Partners for $71.5 million. The new 390-unit Class AA apartment property is located a quarter mile from the intersection of Route 630 (Courthouse Road) and I-95.

“The property is the highest quality apartment community in the Stafford/Fredericksburg region, and has leased up very quickly due to its location near major employers, such as Quantico Marine Base,” says Michael Marshall, a director in Cushman & Wakefield’s Apartment Brokerage Services Group, which arranged the sale. Due to the recent BRAC realignment plan, the base is adding 3,000 jobs.

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