Security Properties Buys Multifamily Community in Virginia for $31M

ASHBURN, VA. — Security Properties has purchased the 168-unit Grove at Flynn’s Crossing, an apartment community located at 21892 Blossom Hill Terrace in Ashburn, for $31 million. The acquisition marks Security Properties’ first acquisition in the northern Virginia/Washington, D.C. area. Built in 1999, the property contains a mix of one-, two- and three-bedroom apartments and includes washer and dryer hookups in each unit, a fitness center, clubhouse, pool and playground. The Grove at Flynn’s Crossing consists of affordable apartments for individuals and families earning up to 60 percent of area median income. Jeff Kunitz and Brandon Grisham of Marcus & Millichap represented the undisclosed seller in the transaction. Tim Leonhard of Oak Grove Capital arranged acquisition financing through Fannie Mae on behalf of Security Properties.