Loren Falls Church in Falls Church, VA
FALLS CHURCH, VA – Sachs Cos. and Blackfin Real Estate Investors have purchased Loren Falls Church for $70 million.
The class-A, mixed-use property features 185 apartment homes and 13,577 square feet of retail space, tenanted by merchants such as Orange Theory and Casual Pint. The mid-rise asset, built in 2017, is currently 97% occupied. Located at 6410 Arlington Boulevard, adjacent to the Hillwood neighborhood, the property is situated off of I-66 and Route 50.
Within close proximity to several employment centers, the asset is located less than 20 minutes away from National Landing in Crystal City; the future location of Amazon's recently announced HQ2. The Amazon development is expected to positively impact economic development in the area. The project will additionally provide job growth opportunities within the Washington DC region, for industries that support Amazon.
Aiming to capitalize on Amazon's future location, the joint-venture partners are planning on significant rent growth in the future for the area and nearby markets.
Sachs Cos., based in New York City, is a third-generation real estate investment management company that specializes in multifamily properties. The firm currently controls a 60 property portfolio, valued at more than $1 billion.
Blackfin Real Estate Investors, founded in 2016, focuses on acquiring and repositioning multifamily properties along the East Coast. Offering services in investment management, capital renovations, property operations, finance and accounting, the firm has assembled a portfolio of nearly 4,000 units from Boston to the Carolinas.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
