Falls Church (Suburban DC) Apartments Change Hands
- Jul 09, 2015
Falls Church, Va.—Capital Investment Advisors has acquired The Jefferson Apartments in Falls Church, Va. The 310-unit property is in the Seven Corners submarket of that town, which is a suburb of Washington, D.C.
The property offers studios, along with one- and two-bedroom units. Amenities include a fitness center, clubhouse, swimming pool and playground.
The seller was BVF-II Prestwick LLC, an affiliate of Berkshire Property Advisors, and the deal was part of an end-of-fund deposition. Neither participant disclosed the price, but Greysteel Co. arranged the acquisition financing. Other sources put the loan at about $10 million.
Also included in the trade was 13 acres of developable land. Greysteel’s Mark Bittenbender notes that it “presents long-term development potential rarely seen in a major gateway market such as the greater Washington.”
The land may indeed represent more of a long-term opportunity than an immediate one. Greater DC has seen a lot of apartment development in recent years, and MPF Research notes in its latest report on the market that “even with such strong structural drivers, demand has not quite kept pace with new supply. However, that could change over the next year, as supply volumes are expected to begin to cool. Should development pick back up, the metro will undoubtedly continue to see some near-term pain that could stretch into 2016.”