HASTA Buys Virginia Property
The 291-unit community in Manassas Park offers nearly 44,000 square feet of ground-floor retail.
HASTA DST Ventures has fully subscribed on its HASTA Multifamily 1 DST. The equity proceeds from the offering were used to acquire a $55 million multifamily property in Manassas Park, Va., a submarket of Washington D.C. The funds to purchase Parq 170 were secured through the network of HASTA Multifamily 1 DST’s managing broker-dealer, RCX Capital Group, and its direct clientele.
Hasta DST Ventures is a joint venture between wholly owned subsidiaries of RCX Capital Group, Clairmont Capital Group and HASTA Capital USA.
In prepared remarks, Mark Hafner, CEO of HASTA, said the property was acquired due to its location in relation to employment nodes as well as its potential resiliency to a recession. Washington, D.C., rent growth has been registering strong gains, although still below the national rate of growth. Located at 170 Market St., Parq 170 residents are in proximity to 3.2 million jobs in the metro area, accessible by the Manassas Park VRE rail station.
Parq 170 is a Class A, 291-unit multifamily asset featuring 43,708 square feet of retail space. The community is composed of one- and two-bedroom apartments and features amenities such as a clubhouse, heated pool and detached garages.
HASTA Capital has been making many Mid-Atlantic acquisitions, including its purchase last year of The Zenith in Baltimore, Md.