Chandler Residential has purchased Chase Heritage, a 236-unit community in Sterling, Va., from Continental Realty Corp. (CRC). According to Yardi Matrix data, CRC bought the asset in 2012, on behalf of CRC Fund III LP, for $42.4 million.
The property is located at 1212 Chase Heritage Circle, a roughly 30-minute drive west of downtown Washington, D.C. The site is in close proximity to Dulles International Airport, as well as routes 7, 28 and 267. Sterling Park Golf Club is a five-minute drive from the community, while Dulles Town Center is a 10-minute drive away.
Built in 1986, Chase Heritage features one, two and three-bedroom apartments. During its ownership, CRC upgraded 50 units and renovated several common-area amenities, such as the community clubhouse, leasing office, fitness center and outdoor space.
The CBRE Mid-Atlantic team represented CRC in the transaction, led by Vice Chairman Bill Roohan, along with Senior Vice Presidents Jonathan Greenberg and Robert Dean. In April, CBRE Mid-Atlantic handled the marketing, sale and financing of an 11-asset, D.C.-area portfolio. An affiliate of Strata Equity Group purchased the properties for $302 million.
“We achieved strong occupancy throughout our ownership of Chase Heritage, and managed to grow rents in a highly competitive market,” said David Donato, senior vice president of CRC, in prepared remarks. “Interest among potential buyers was extremely deep and it was a highly competitive bidding process.”
Image courtesy of Yardi Matrix