Aimco Acquires $160M VA Community
- Feb 23, 2018
Apartment Investment and Management Co. (Aimco) has accretively acquired the 748-unit Bent Tree community in Centreville, Va. from an entity managed by LaSalle Investment Management. The asset traded for $160 million, producing an expected $0.01 per share increase to Adjusted Funds From Operations in the first year of ownership. In February, MHN listed Aimco as one of the top 10 Boston apartment owners, with 13 communities managed and owned in the region.
Bent Tree is located at 13630 Bent Tree Circle, on the western outskirts of Washington, D.C., in Fairfax County. Dulles International Airport is a 16-minute drive away, while downtown D.C. is within 25 miles of the site. Two other Aimco assets totaling 1,000 units are also nearby.
According to Yardi Matrix, the property comprises 335 one-bedroom, 353 two-bedroom and 60 three-bedroom apartments, with an average rent price of $1,500. Current on-site common amenities include:
- fitness center
- business center
- tennis court
- volleyball court
- swimming pool
The buyer plans to increase the asset’s potential through interior capital upgrades.
Image courtesy of Yardi Matrix