VA Property Changes Hands in $65M Deal

The JBG Cos. disposed of Fairmont Gardens, a 388-unit multifamily community in Annandale, Va., one year after acquiring it for $47 million.

Capital Investment Advisors purchased Fairmont Gardens from The JBG Cos. The 388-unit multifamily community is located in Annandale, Va. and sold for $65 million.

Community details

Located at 4137 Wadsworth Court, the community encompasses 33 buildings and 89 one-, 227 two- and 71 three-bedroom apartment homes, Yardi Matrix data shows. Additionally, the pet-friendly community offers the following amenities:

  • Community barbecue and picnic area
  • Children’s playground
  • Expansive patios and balconies
  • A swimming and a wading pool
  • 24-hour, on-call maintenance
  • Fully equipped kitchens
  • Individually controlled air conditioning and heating
  • Laundry care in each building

The units span between 750 and 1,100 square feet. Residents benefit from easy access to public transportation options. Neighboring amenities include the Annandale Community Park, Mason District Park, Cinema Arts Theatre, retailers, eateries and sports clubs.

The sale was brokered by JLL Capital Markets Managing Director Christine Espenshade and Executive Vice Presidents Robert Garrish and Shawn McDonald. In a recent deal, JLL also facilitated the sale of a portfolio of value-add apartment properties in the area. 

The multifamily market in suburban D.C. is strong and poised for continued growth,” Espenshade said in a prepared statement. “Investors are seeking value-add product in prime locations, and Fairmont Gardens delivered on both fronts.”

The property previously changed hands in March 2016, when The JBG Cos. acquired it for $47 million from Mark Winkler Co. as part of a bigger portfolio.

Images via www.fairmontgardensapartments.com