Fairfax, Va.—New York-headquartered Clarion Partners has completed the disposition of its 246-unit garden community in Fairfax, Va., known as Fair Oaks at Pender Creek. ARA Mid-Atlantic-based principals Drew White, Mike Marshal and Ryan Ogden represented Clarion in the sale. The 1989-built asset was picked up by Bell Partners Inc.
Occupancy at the time of sale stood at 96.7 percent. Fair Oaks at Pender Creek is within a one-mile walking radius of over 3.2 million square feet of retail, dining and entertainment venues.
“The value-add enhancements done by Clarion and Gables proved the rent potential of the asset and made a compelling case to continue the program and potentially look to do more,” White says.
First Premier Equity grabs 132 units in Illinois
Danville, Ill.—First Premier Equity LLC has acquired Devonshire Village, a 132-unit community in Danville, Ill., for $7.2 million. The rental property is currently 98 percent occupied.
“As we’ve previously announced, First Premier Equity’s strategy is to acquire high quality commercial real estate nationwide with a focus on multi-unit apartment complexes and buildings,” says Courtney Rush, CEO of First Premier Equity. “We are very excited about this purchase. This acquisition establishes us in the industry, and provides a platform for future growth.”
Devonshire Village was built in 1997. Amenities include a recreation room and swimming pool.