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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.