VA Property Trades for $51M

Hasta Capital acquired The Residences at City Center, a 291-unit transit-oriented apartment community in Manassas Park. HFF’s investment advisory team represented the seller.
The Residences at City Center
The Residences at City Center

HFF has brokered the sale of The Residences at City Center, a 291-unit multifamily community in Manassas Park, Va. Hasta Capital purchased the asset for $51.5 million. The property comprises 255,608 square feet of residential space and 43,708 square feet of ground-floor retail.

Located at 170 Market St., The Residences at City Center is directly across from Manassas Park Virginia Railway Express. Major nearby thoroughfares like Route 28 and Interstate 66 provide easy access to the region’s large employment centers.

Completed in 2010, the property features one- and two-bedroom units averaging 924 square feet. Common-area amenities include controlled access, an outdoor pool with lounge area and grill station, a fitness center, a clubhouse and a business center.

The HFF investment advisory team representing the seller included Managing Director Walter Coker, Senior Director Brian Crivella and Senior Managing Director Dek Potts. The team also recently brokered the $87.8 million sale of Rolling Hills, a 468-unit community in Germantown, Md.

Image courtesy of Nick Waring