Grosvenor Americas Buys Fairfax Apartments for $108.2M
- Aug 01, 2014
Fairfax, Va.—Grosvenor Americas has closed its first Washington, D.C., area acquisition with the purchase of Avalon Fair Oaks, a 491-unit community in Fairfax, Va. The purchase price was $108.2 million. HFF’s David Nachison and Alan Davis represented the seller in the transaction.
“This acquisition expands our residential investment portfolio across the U.S.,” says Scott Brody, senior vice president and general manager at Grosvenor. “It fits well with our strategic objective to acquire value-add apartments in strong markets within the Washington, D.C., region, where we continue to seek additional opportunities.”
The 27-year-old Avalon Fair Oaks community offers numerous amenities including a pool and sundeck, clubhouse with free Wi-Fi, picnic area, 24-hour fitness center, tennis court, racquetball court and structured parking. After renaming the community Wheelhouse of Fair Oaks, the new ownership plans to undertake significant renovations that include upgrades to interior home finishings, the fitness club, leasing office and other public spaces.
While this is Grosvenor’s first Washington, D.C.-area apartment community acquisition, the Company has been highly active in the local market. Grosvenor partnered with The JBG Companies (JBG) in developing District, an award-winning boutique mixed-use development at 14th and S Streets, NW, which sold in late 2013 to J.P. Morgan for a record-setting price per unit. The Company owns Square 701, adjacent to Nationals Park in the regenerating Capitol Riverfront District, where it has planned a mixed-use residential/retail development. In the heart of Silver Spring, Md., at 8415 Fenton Street, Grosvenor plans to develop 244 rental apartments and 18,000 square feet of ground-level retail space.
Morgan Properties, Core RE Capital acquire 700 units in Maryland
Beltsville, Md.—Morgan Properties and its equity partner Core Real Estate Capital have acquired Lighthouse at Twin Lakes, a 700-unit garden-style and mid-rise apartment community located in Beltsville, Md. Transwestern represented the seller on the disposition.
The transaction marks the third acquisition Morgan has closed with Core. The Morgan Properties-Core JV previously acquired Northwest Crossing, a 588-unit garden-style apartment community located in Randallstown, Md., and the Windsor Mill Portfolio, a 500-unit portfolio in Windsor Mill, Md.
“Lighthouse is an exciting acquisition for our organization,” says Mitchell Morgan, founder and CEO of Morgan Properties. “We look forward to cultivating our relationship with Core. After our successful acquisition and repositioning of Northwest Crossing and our recent acquisition of the Windsor Mill Portfolio, we felt that Lighthouse was the perfect opportunity to continue to expand our market presence in Maryland. Lighthouse fits right in our wheelhouse.”
Originally built in 1969, the Lighthouse at Twin Lakes consists of garden-style apartments and a mid-rise residential building. The property enjoys a beautiful lake with a lighthouse, hence the name. Amenities include a full-service leasing office, a business center, Internet café, fitness center, swimming pool, playground areas and a dog park.