FCP Sells Washington, D.C.-Area Community for $82M
- Jul 15, 2020
A community near two military bases in Woodbridge, Va., has changed hands for $81.5 million. Jair Lynch Real Estate Partners and Nuveen have teamed up to acquire Potomac Vista Apartments from FCP.
Located at 14101 Kristin Court, Potomac Vista Apartments is situated between the U.S. Army’s Fort Belvoir and the U.S. Marine Corps Base Quantico in Virginia. Rents start at $1,300 for the 408-unit community that has one-, two- and three-bedroom floorplans ranging in size from 622 to 965 square feet. The building’s amenities include a swimming pool, fitness center, clubhouse, dog park, business center, package room, and 24-hour emergency maintenance. According to Yardi Matrix data, Potomac Vista was 96.1 percent occupied.
FCP was represented by JLL’s Brian Crivella, Walter Coker and Robert Jenkins. The Washington, D.C.-based Jair Lynch also recently acquired another community in the greater D.C. area in Hyattsville, Md., for $88 million.
CAPITAL IMPROVEMENT PLANS
FCP first purchased Potomac Vista Apartments for $60.5 million back in August 2016 when it was named Windsor at Potomac Vista. According to Yardi Matrix data, FCP purchased the property with the help of a $47 million Fannie Mae loan.
Scott Reibstein, associate at FCP, told Multi-Housing News that the company acquired the asset from GID and identified that the property was in need of significant capital improvements. FCP conducted major renovations of the property including renovating the leasing center and resident clubhouse, conducting deferred maintenance of the roof and HVAC systems and adding landscaping and signage improvements to improve the community’s curb appeal, Reibstein told MHN.
Reibstein said in his prepared remarks that FCP will continue its interest in the Northern Virginia and Washington, D.C. metro area markets that have strong job growth and a diverse local economy.