Redbrick, David Werner Buy 2,175-Unit Apartment Portfolio in Fairfax County
- May 06, 2015
After registering several important transactions in April, the Greater Washington apartment market ended the month in full force, with the sale of a 2,175-unit multifamily portfolio in Fairfax County.
Redbrick LMD and David Werner Real Estate Investments purchased the portfolio. It consists of three apartment communities: the Amberleigh, in Merrifield; the Avant, in Annandale; and the Edgemoore in Alexandria. The properties offer a mix of one-, two- and three-bedroom units, with such amenities as swimming pools, fitness centers and business centers.
The acquisition was financed with a $401.9 million, 10-year term senior loan secured by Walker & Dunlop from Fannie Mae. Redbrick, DWREI, The Stillman Group, the Hamilton Group and other investors provided equity financing.
The new owners have selected Kettler to manage the properties, and will renovate the buildings, Louis Dubin, managing partner of Redbrick LMD, said in a press release. The projects will start this summer and will include improvements to the units and added amenities.
According to Yardi Matrix’s April apartment report, the Washington, D.C., apartment market has shown signs of life in recent months, with rents registering a 1 percent increase since March. Though slight, that represents an encouraging sign, given the Mid-Atlantic area’s sluggish recent rent growth. This improved performance could signal the beginning of a trend.
Charts courtesy of Yardi Matrix.