CAPREIT Sells NoVa Community for $69M
Buyer Osso Capital took out two Freddie Mac loans.
A joint venture between CAPREIT and Principal Real Estate Investors has sold Manassas Station Apartments, a 244-unit multifamily property in Manassas, Va., in a deal brokered by Berkadia. Osso Capital acquired the two-phase asset for $68.5 million and took out two Freddie Mac loans totaling $47.9 million, according to public records.
The mid-rise community came online between 2008 and 2012 and consists of six buildings with one- and two-bedroom floorplans, ranging from 627 to 1,300 square feet.
Common-area amenities feature a clubhouse, fitness center and business center, as well as grilling and picnic area. The property also has an outdoor firepit, dog run and more than 240 car parking spaces.
READ ALSO: These Major Markets Have the Lowest Apartment Sale Prices
Located at 9004 and 9205 Prince William St., the transit-oriented community is close to downtown Manassas and a host of dining and retail opportunities. Manassas Regional Airport is 4 miles away, while Washington, D.C. is 32 miles northeast.
A metro D.C. Berkadia team comprising Senior Managing Director Brian Crivella and Senior Directors Bill Gribbin and Yalda Ghamarian brokered the deal on behalf of the sellers.
Northern Virginia registered almost $1.9 billion in multifamily transaction activity year-to-date as of October through the sale of 23 communities—or about 7,500 units—according to Yardi Matrix information. This marks a considerable increase from the 10 properties (2,830 apartments) changing hands during the same period of 2023, for $815 million.
