STAFFORD, VA—A source tells us that a 390-unit apartment building here, developed in 2005, has traded for $67.9 million, or $173,974 per unit. The buyer of the property-Aventine at Courthouse Square-which is located at 26 Davenport Dr., is reportedly Optio, Inc., a Chicago-based company formed in 2011 to provide private sector housing to the armed forces. The seller is Irving, Texas-based Archon Group, a wholly-owned subsidiary of The Goldman Sachs Group. CBRE brokered the deal and CBRE Global Lenders provided financing, we were told.
The garden-style community property is 92% occupied, according to records. It previously traded in 2006 for $71.6 million.
Stafford is in growth mode as far as multifamily development is concerned. Permits for multifamily homes increased significantly in 2013, after averaging just over 100 units per year since 2006. The county also has some 100,00 square feet of retail projects in its pipeline. These projects include tenants under construction and in the permitting phase.
GlobeSt.com reached out to Optio after business hours and did not receive a response in the interim. We hope to update this story later.
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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.
