Jefferson Apartment Group Acquires Somerset Park Apartments
- Apr 08, 2016
McLean, Va.—Jefferson Apartment Group has enlarged its portfolio by acquiring Somerset Park Apartments, a well-situated, Class A multifamily community in Leesburg, Va. The property will be managed by JAG Management LLC.
Built in 2007, Somerset Park Apartments features 108 units in a mix of one- and two-bedroom apartments and two-bedroom loft-style townhomes. Among unit features are expansive layouts, walk-in closets, vaulted ceilings and exceptional lake views from a private balcony or patio. Paved walking and jogging trails, beautifully landscaped grounds, a clubhouse and fitness center also beckon to residents of the apartment community.
Somerset Park Apartments is less than one mile from the Dulles Greenway and approximately 11 miles from the Washington, D.C., Beltway. It is located in one of the best educated and most affluent areas of the United States, Loudoun County, Va. The property will provide easy commutes for residents to the Northern Virginia area, including Reston, Tysons Corner and Washington, D.C., Route 7, Route 28 and the Dulles Toll Road and Dulles International Airport are nearby.
Retail, restaurants and nightlife options are in close proximity to the property.
An additional 42 units and expanded community amenities can be developed on the property. JAG Management will invest in the existing property by upgrading common areas and most of the units. Leesburg’s population has grown by more than 76 percent this century, more than double the growth rate of Northern Virginia (35.9 percent) and more than five times that of the United States as a whole.
Leesburg is near major job centers like Dulles Technology Corridor and has an unemployment rate of 3.3 percent, outperforming Virginia (4.1 percent) and the U.S. (5.1 percent) as of September 2015.
“Somerset was a unique opportunity to buy a well-positioned multifamily asset that can be expanded by constructing two additional buildings, as well as invest capital in the common area and the units to generate significant rent premiums,” said Kevin Smith, senior vice president and acquisition partner at JAG.