Greysteel’s Multifamily Division Retained as Exclusive Adviser and Agent for Sale of Townsend Square
- Dec 11, 2013
Bethesda, Md.—The Greysteel Company’s Mid-Atlantic multifamily investment sales division has been tapped as the exclusive adviser and agent in handling the sale of the Fredericksburg, Va., property, Townsend Square Apartments.
The Greysteel Company team responsible for the sale of the community is comprised of Ari Firoozabadi, John F. Mullen, W. Kyle Tangney, Caleb Brown, Lance Ahmadian and Mike Bediones.
The 200-unit community was developed in 1995 under the Low Income Housing Tax Credit (LIHTC) program. While the program mandates that 100 percent of the units should be rented out to residents with incomes not exceeding 60 percent of the area median income, the community currently averages rates of 42 percent below the maximum allowable LIHTC maximum.
“Townsend Square operates similarly to market rate rental communities within the Fredericksburg submarket because the property’s asking rents are significantly below the maximum allowable LIHTC rents,” says Mullen, a director at Greysteel. “The institutional-grade Fredericksburg submarket is highly desirable as it boasts high population growth, very high average multifamily occupancy and has limited development projects in the pipeline.”
The transit-oriented Townsend Square is located within close proximity to an assortment of federal employment centers including Marine Corps Base Quantico, Fort Belvoir, Fort A.P. Hill and the Pentagon. Those entities collectively employ more than 50,000 workers, according to a press release issued on behalf of Greysteel Company.
Townsend Square offers a host of amenities, which includes a business center, picnic areas with grills, a fitness center, clubhouse, volleyball court, large swimming pool, horseshoe pits and playground. According to the property’s website, residences are offered in two- and three-bedroom floor plans that range in size from about 864 to 1063 square feet, and feature fully-equipped kitchens, in-unit washer and dryer and central heating and air.
The community offers convenient access to Route 1 and Jefferson Davis Highway, and is less than two miles from Interstate 95, giving resident quick access to downtown Washington D.C. and other outlying areas.