GID Pays $86M for Value-Add Community
The vintage property previously changed hands for $68 million.
GID has acquired Arbors at Fair Lake, a 282-unit multifamily community in Fairfax, Va., for $85.6 million. Stockbridge Capital Group sold the value-add community, while JLL Capital Markets brokered the transaction.
Stockbridge purchased the property, previously known as Archstone Fair Lakes, a decade ago for $68 million, according to Yardi Matrix data. Nationwide provided a $37.4 million loan for the acquisition.
Completed in 1987, the vintage asset encompasses 16 buildings with one- and two-bedroom floorplans ranging between 669 and 1,092 square feet. Common-area amenities include a swimming pool, a business center, a clubhouse, outdoor lounge areas, a playground, a tennis/pickleball court, a basketball court, walking trails, controlled access and approximately 350 parking spaces. Apartments feature stainless steel appliances, walk-in closets, washers and dryers, fireplaces and patios or balconies.
Managing Directors Bret Thompson and Robert Jenkins led the JLL Capital Markets team, working on behalf of the seller and procuring the buyer.
Earlier this year, GID expanded its Miami footprint with the acquisition of a 240-unit garden-style community. The firm’s portfolio totals approximately 53,000 multifamily units across the U.S.
Arbors at Fair Lake occupies nearly 21 acres at 4408 Oak Creek Court, in the Fair Oaks submarket. The property is near the intersection of U.S. Route 50 and Interstate 66, which provide direct access to Washington D.C.
The surrounding area houses more than 5.3 million square feet of retail, including Fair Oaks Mall, Fair Lakes Center and Fairfax Towne Center. Inova Fair Oaks Hospital and Rocky Run Stream Valley Trail are within a 3-mile radius.