Misty Ridge
WOODRIDGE, VA—Misty Ridge, a 409-unit apartment community located here, has traded for $80.5 million. The value-add community was acquired by Capital Square 1031, which paid nearly $200,000 per unit for the 328,066-square foot building. Castle Lanterra was the seller.
Transwestern Commercial Services’ Dean Sigmon, Robin Williams and Justin Shay represented the seller in the deal.
Misty Ridge attracted a significant number of local and institutional investors looking to acquire a value-add property in a strong Northern Virginia market,” Sigmon said in prepared remarks. The buyer will be able to potentially raise rental rates by improving several amenity areas and upgrading existing units, he also notes.
The garden-style community has had nearly $5 million in renovations invested in it since 2013. If the buyer improves the remaining 144 units, the upgrades could provide premiums ranging from $150 to $200 per month per unit.
According to Delta Associates’ Second Quarter 2019 Mid-Atlantic Class A Apartment Market Report, vacancy remains low at 4.7% in east Prince William County as a significant amount of new supply has been absorbed in recent years. Rent growth is reported to be 4.3% in the 12 months ending June 2019.
Misty Ridge, located in Prince William County, is near US Route 1.
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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.
