(Read more on the multifamily market.)
FAIRFAX, VA-Korman Communities, a luxury extended-stay company based in Plymouth Meeting, PA, has acquired a multifamily development recently completed off Dulles Toll Road for $59 million. The 169-unit, mid-rise property is located within a 63-acre mixed-use development that will, when completed, contain approximately 1.5 million sf of office space, 1,095 residential units, two hotels and 34,000 sf of ground-floor retail space.
Korman acquired the multifamily development from the developer, local firm Crimson Partners. The building is one of two structures completed in the park; the other is an office building. The entire development is expected to be complete over the next two years.
The multifamily property had originally been slated as a condo conversion. Now that the condo conversion market has softened considerably, Korman Communities was able to acquire the property at 20% to 25% discount, co-president Bradley Korman tells GlobeSt.com.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
