WOODBRIDGE, VA–Federal Capital Partners has acquired a class B apartment community here for $60.5 million. The 408-unit garden-style property was sold by Boston-based private developer General Investment & Development Cos., or GID. HFF's Walter Coker and Brian Crivella marketed the property on behalf of GID.
The apartment community, called Windsor at Potomac Vista, is located at 14101 Kristin Ct.
As part of the transaction Federal Capital is assuming the existing Fannie Mae mortgage. It also tapped the GSE for supplemental financing for the acquisition.
GID refinanced the property in 2011 with a $40.9 million Fannie Mae loan. At the time, the property was appraised for $56.7 million, according to a source.
The submarket appeals to FCP, according to a prepared statement by FCP SVP Jason Bonderenko. “Woodbridge, VA continues to show great strength with positive year-over-year job growth and one of the lowest unemployment rates in the region,” he said.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
WOODBRIDGE, VA–Federal Capital Partners has acquired a class B apartment community here for $60.5 million. The 408-unit garden-style property was sold by Boston-based private developer General Investment & Development Cos., or GID. HFF's Walter Coker and Brian Crivella marketed the property on behalf of GID.
The apartment community, called Windsor at Potomac Vista, is located at 14101 Kristin Ct.
As part of the transaction Federal Capital is assuming the existing
GID refinanced the property in 2011 with a $40.9 million
The submarket appeals to FCP, according to a prepared statement by FCP SVP Jason Bonderenko. “Woodbridge, VA continues to show great strength with positive year-over-year job growth and one of the lowest unemployment rates in the region,” he said.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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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.
