DC-Area Community Changes Hands in $55M Deal
The property last traded for $6.6 million, nearly two decades ago.
Leesburg, Va.—Federal Capital Partners, in partnership with Kettler, recently announced the sale of Fields of Leesburg, a 405-unit community located in Leesburg. The asset traded for $55.3 million. According to Yardi Matrix data, the joint venture acquired the asset in 1998 for $6.6 million. A CMBS loan in the original amount of $10.7 million was placed through Wells Fargo Bank in 2014, Yardi Matrix also shows.
Situated at 75 Plaza Street on a 12.6-acre site, Fields of Leesburg was completed in 1972 and renovated in the past years. Property Amenities include a fitness center, laundry facilities, a swimming pool, a sports court and a clubhouse. The asset is located in close proximity to Leesburg Premium Outlets and Dulles Town Center, also offering easy access to other locations in the region through the nearby Leesburg Bypass and Harry Byrd Highway.
The garden-style community encompasses one-, two- and three-bedroom units. Fields of Leesburg participates in an affordable apartment program, offering lower monthly rents based on maximum income limitations as determined by family size.
“The community is well-positioned for the future and we are excited to start the year with a transaction that demonstrates strong value creation. FCP acquired 1,727 apartments in 2016 and we will continue to be an active buyer in 2017,” said Jason Bonderenko, senior vice president of Federal Capital Partners, in a prepared statement.
“We expect to be active buyers and sellers of multifamily assets and we look forward to continuing our relationship with FCP in future endeavors,” added Greg Slang, vice president of asset management at Kettler.
Image courtesy of Yardi Matrix