Greysteel Arranges Sale of Fredericksburg, Va. Community
- May 28, 2014
Bethesda, Md.—The Greysteel Company has announced that it has brokered the sale of a 200-unit affordable housing community in Fredericksburg, Va. The transit-oriented community, Townsend Square Apartments, was acquired by Federal Capital Partners for $18.8 million.
Greysteel’s multifamily team led by Ari Firoozabadi, John F. Mullen, W. Kyle Tangney, Lance Ahmadian, Caleb Brown, Mike Bediones and Jake Ying served exclusively as advisor and broker to the seller, Insight Property Group.
Federal Capital Partners was not represented by a broker, and was procured by Greysteel through the marketing process, according to John Mullen, director of multifamily investment sales at Greysteel.
“The robust population growth, limited new supply, and access to employers in the local submarket made Townsend Square a highly desirable asset garnering substantial interest,” Mullen says. “It was a pleasure to work with both Insight Property Group and Federal Capital Partners—we wish both continued success.”
Townsend Square Apartments was developed in 1995 under the Low Income Housing Tax Credit (LIHTC) Program, which requires that 100 percent of the community’s units be offered to residents with incomes that do not exceed 60 percent of the area median income.
The community offers two- and three-bedroom units complete with two full bathrooms, central air and heating, fully equipped kitchens and in-unit washer and dryer. Amenities include a business center, fitness center, clubhouse, swimming pool, horseshoe pits, a volleyball court, a playground and picnic and barbecue areas.
Boasting a Walk Score of 98, Townsend Square Apartments is located near an assortment of conveniences including shopping, dining and entertainment centers such as Central Park Mall, Spotsylvania Town Centre and Fredericksburg’s famous Historic District.
The community, located on Route 1, is also in a prime location for easy commutes to federal and state employment hubs including Marine Corps Base Quantico, Fort Belvoir, Fort A.P. Hill and the Pentagon.