(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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.