The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of The Courts at Fair Oaks, a 364-unit, luxury multi-housing community in Fairfax, Virginia, known prior to the sale as The Point at Fairfax.
The HFF team of managing directors Dave Nachison and Alan Davis along with senior real estate analyst Brenden Flood led the investment sales team on behalf of the seller, Panco Strategic Real Estate Fund I, LP, an affiliate of Pantzer Properties, Inc. Home Properties of New York, Inc. purchased the property for $70.1 million subject to the assumption of an existing $46 million fixed-rate mortgage.
The Courts at Fair Oaks is located at 12101 Pine Forest Circle adjacent to Interstate 66 and close to Fair Oaks Mall, Fairfax Corner and Fairfax County Government Center approximately 18 miles west of downtown Washington, D.C. in Fair Oaks. The 95.1% leased property has studio, one- and two-bedroom units averaging 859 square feet each. Property amenities include a community room, fitness center, swimming pool, exercise trail, onsite car wash facilities and tennis courts.
“Northern Virginia continues to consistently lead the DC metro area in job creation and is projected to capture nearly 60 percent of all new jobs in the region over the next five years, providing a stable renter pool for years to come. Strong apartment performance includes the nation’s lowest vacancy and widespread expectation for continued rent growth,” said Nachison.
“The Courts at Fairfax has consistently experienced market leading occupancy and rent growth and with the continued improvements planned by Home Properties, this trend should continue well into the future,” added Davis.
With offices in New York City and Rochelle Park, New Jersey, Pantzer Properties, Inc. is a fully integrated owner/operator of investment properties in the east coast of the United States. Pantzer Properties’ proven track record of profitable investment performance spans its nearly 40 year history.
Home Properties is a real estate investment trust (REIT) with operations primarily in selected Northeast and Mid-Atlantic markets that is traded on the New York Stock Exchange under the ticker symbol HME. The Company owns, operates, develops, acquires and rehabilitates apartment communities.