Clarion, Blackfin Acquire Virginia Apartments for $113M
The 444-unit community in Manassas saw recent renovations to its units and amenities.
A nearly fully occupied community in the Washington, D.C.-area has changed hands for $113 million. A partnership between a fund managed by Clarion Partners LLC and Blackfin Real Estate Investors has acquired Ravens Crest in Manassas, Va., from a partnership between LCOR and a fund managed by the Real Estate Group of Ares Management Corp.
The 444-unit community offers one- and two-bedroom floorplans that range from 741 to 956 square feet. The units were recently updated and include new lighting, walk-in closets, and balconies or patios. The community’s amenities include a newly renovated clubhouse, fitness center, business center, picnic area with grills, playground, pool, outdoor kitchen and recreation areas.
Located at 8098 Ravens Crest Court, Ravens Crest is more than 30 miles away from Washington, D.C. The community is also located next to a jogging trail and several restaurants and retail offerings within walking distance.
STEADY RENT GROWTH
JLL’s Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin arranged the deal on behalf of LCOR and Ares. According to Yardi Matrix data, LCOR acquired Ravens Crest in December 2005 for $61 million from BlackRock. Since then, the community has reached a 95 percent occupancy and has seen an average rent growth of 3.7 percent due to the community’s well-maintained units and strong location, according to JLL.
Coker, Crivella and Jenkins also arranged the sale of another Washington, D.C.-area community, a 564-unit community in Rockville, Md. The Manassas area north of the U.S. capital has also seen several deals in the past years, including the $71 million sale of a 304-unit community in Manassas Park, Va.