Bozzuto Puts Northern VA Apartments on the Market
- Apr 03, 2017
Manassas, Va.—Bozzuto tapped Transwestern to sell Chatsworth Park, a 576-unit apartment property at 8100 Chatsworth Drive in Manassas, Va., which Transwestern says is valued at more than $100 million. Bozzuto, along with the National Foundation for Affordable Housing Solutions, own the property. Dean Sigmon and Robin Williams of Transwestern’s Mid-Atlantic Multifamily Group are representing the sellers.
The property includes one-, two-, two-bedroom with den and three-bedroom units. Common amenities include a renovated clubhouse with a 24-hour media room, conference room, business and fitness center. There’s also a swimming pool with sundeck and Wi-Fi, wading pool, indoor playroom, outdoor grilling area, dog park and playground.
D.C.-based Bozzuto originally developed Chatsworth Park in 2001. “Northern Virginia historically has had strong long-term rent growth and low vacancy, with little to no new apartment supply in the immediate area,” said Sigmon. “We’re expecting interest from investors looking to make their first entrance into the D.C. market.”
Employment in western Prince William County, where the property is located, is projected to grow by nearly 80 percent through 2045, according to the Metropolitan Washington Council of Governments. Within a five-mile radius of the property, the median household income is over $92,000, according to ESRI.
For multifamily properties in that part of Prince William County, effective rents have increased 5.3 percent in the 12 months ending March 2017, according to Transwestern research affiliate Delta Associates. Multifamily rents have grown 3.7 percent annually on average since 1998.