FCP Sells Virginia Community for $106M
More than $1.2 million in upgrades had been made in recent years.
Fields at Cascades. Image courtesy of FCP
A joint venture of Jair Lynch Real Estate Partners and Nuveen Real Estate has acquired The Fields at Cascades Apartments in Sterling, Va. The 320-unit apartment community was sold for $105.5 million by FCP and its joint venture partner Kettler, which acquired the rental property for $55.8 million in December of 2014.
The Fields at Cascades Apartments is a community of 24 three-story structures of frame construction, spread across 18.6 acres. The multifamily community feature two- and three-bedroom apartments ranging in size from 872 to 1,186 square feet.
Features and finishes of apartments include vaulted ceilings, in-unit washer-dryers, semi-private entries, private balconies and patios and, in select units, fireplaces. A swimming pool is among the prominent common-area amenities of the property.
“This was a very smooth transaction,” FCP’s Lollie Corrigan Loflin told Multi-Housing News. “We didn’t have any issues and Jair Lynch (and) Nuveen could not have been easier to work with.”
Property upgrades
In a prepared statement, FCP reported more than $1.2 million in property improvement investments had been made over the previous eight years. Among the enhancements have been updates to the leasing center and common-area amenities. In addition, deferred maintenance issues were addressed.
Located at 21260 Huntington Square, The Fields at Cascades is convenient to the Dulles Tech Corridor, and just a several-minute drive to the shopping available within Dulles Town Center. A variety of parks and recreational opportunities, including Claude Moore Park, Washington & Old Dominion Railroad Trail and Algonkian Regional Park are situated within 4 miles of the apartment community.
Proximity to Route 7, the Fairfax County Parkway, Dulles Toll Road and the Silver Line enables Fields at Cascades residents to easily commute to Northern Virginia employment hubs as well as to Dulles Airport. FCP was represented by Jonathan Greenberg, Jeff Kunitz and Mike Canori of CBRE Affordable Housing. Last month, Jair Lynch Real Estate Partners acquired a Maryland apartment community.
