Wednesday, January 22, 2025
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DevelopmentSeniors HousingSoutheastVirginia

Focus Healthcare Completes $67M Renovation at The Virginian Seniors Housing Community in Fairfax, Virginia

by John Nelson

FAIRFAX, VA. ­— Focus Healthcare Partners has completed a $67 million renovation project at The Virginian, a 32-acre continuing care retirement community (CCRC) in the Washington, D.C., suburb of Fairfax. LCS operates the property. This remodel included adding an array of advanced technology, sustainability initiatives, lifelong learning opportunities and healthcare services. Amenities now include multiple dining venues, a wine cellar, sports bar, indoor golf simulator, theater, entertainment venues, three full-service salons, technology areas and a spa under development. Outdoor areas include a pickleball court, bocce ball court, putting green, a dog park and a fire pit area. In addition, renovations added an exclusive fifth-floor concierge level that offers its own dining room and bar. The one, two- and three-bedroom apartments were upgraded to include California closet design, electronic blinds, smart thermostats and smart lights that connect to a smartphone. The seven-story, 367,000-square-foot property now boasts four wings, offering 155 independent living apartments, 56 assisted living residences, 36 memory care units and 53 skilled nursing units.

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AcquisitionsRetailSoutheastVirginia

Northpond Partners Purchases Shopping Center in Richmond for $17.4M

by John Nelson

RICHMOND, VA. — Northpond Partners has acquired Parkside Marketplace, a 52,948-square-foot retail center in Richmond. The $17.4 million purchase marks the first acquisition for Northpond’s new $200 million investment vehicle, which is focused on retail centers in the Southeast and select Sun Belt markets. Tenants at the center, which was 98 percent leased at the time of sale, include West Marine, Five Guys, AT&T and M&T Bank. Catherine Spangler and Richard Thalhimer of Cushman & Wakefield | Thalhimer represented the seller, Stavins & Axelrod, in the transaction.

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Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Greystone Provides $39M Construction Financing for Affordable Housing Development in Tysons Corner, Virginia

by John Nelson

TYSONS CORNER, VA. — Greystone has provided $39 million in Freddie Mac tax-exempt loan (TEL) unfunded forward financing for the construction of 265 units within a new affordable housing development in Tysons Corner, a city roughly 16 miles west of Washington, D.C. Pharrah Jackson of Greystone originated the financing on behalf of the borrower, Arlington Partnership for Affordable Housing (APAH). Located at 1592 Spring Hill Road, the property is situated within the larger The Exchange at Spring Hill Station development. Upon completion, the community will total 516 units across two, 20-story buildings — Dominion North and Dominion South — and will mark the first multifamily property in Tysons to comprise 100 percent affordable housing units, according to Greystone. In addition to the residential buildings, the project will include a community center condominium owned and managed by Fairfax County. Dominion North, the subject of the financing, will feature 55 one-bedroom units, 146 two-bedroom units and 64 three-bedroom units, with varying affordability restrictions. The Fairfax County Redevelopment and Housing Authority (FCRHA) has also approved and awarded the developer 40 project-based vouchers, which will require that 40 units be leased to residents earning 30 percent or less of the area median income (AMI). …

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AcquisitionsBuild-to-RentMultifamilySingle-Family RentalSoutheastVirginia

Northmarq Brokers Sale of 95-Unit Build-to-Rent Residential Community in Northern Virginia

by John Nelson

STEPHENS CITY, VA. — Northmarq has brokered the sale of West Wind, a 95-unit build-to-rent (BTR) residential community located at 113 Holt Court in Stephens City, about 14 miles south of Winchester, Va. Ari Azarbarzin and Gabe Tovar led the Northmarq BTR team that also included Chris Doerr, Will Harvey, Shack Stanwick, Matt Straughan, Wink Ewing and Anthony Pino in representing the undisclosed seller. The sales price was also not disclosed. Tom Peloquin, Cabell Thomas and Rich Choisser of Northmarq’s debt and equity team secured acquisition financing on behalf of the buyer, a joint venture between RockBridge Investment Group and DSP Real Estate Capital. Situated near I-81, West Wind was built in 2023 and features two-story, three-bedroom townhomes with smart-home technology, stainless steel appliances, granite countertops and hard-surface flooring.

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AcquisitionsIndustrialSoutheastVirginia

Finmarc Management Sells Warehouse in Springfield, Virginia for $15.9M

by John Nelson

SPRINGFIELD, VA. — Finmarc Management Inc. has sold an 88,000-square-foot warehouse building located at 8000 Grainger Court in Springfield, about 14 miles southwest of Washington, D.C. C2 Imaging, the building’s sole occupant, purchased the facility for $15.9 million. Finmarc originally purchased the property in mid-2022 from Boston Properties Inc. as part of an 11-building portfolio spanning 740,000 square feet. Wendy Feldman Block of Savills represented the buyer in the transaction. Finmarc was self-represented.

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AcquisitionsOfficeSoutheastVirginia

CoStar Group Acquires 31-Story Office Building in Arlington, Virginia

by John Nelson

ARLINGTON, VA. — CoStar Group has purchased Central Place Tower, a 552,000-square-foot office building located at 1201 Wilson Blvd. in Arlington. The seller and sales price were not disclosed, but media outlets report JBG Smith, which developed the 31-story tower in 2018, and joint venture partner PGIM Real Estate sold the tower for $339 million. The office building sits directly above the Rosslyn Metro station. The Richmond-based commercial real estate research giant plans to move 650 Washington, D.C.-area employees to the building as the company’s current lease is set to expire in 2025. CoStar previously acquired an office building at 1331 L St. NW in D.C. in 2011 before executing a sale-leaseback. The company will occupy about 150,000 square feet in the Arlington building and pay about $14 million to Arlington County for sole rights of use of the building’s observation deck, according to Arlington Economic Development. The building was

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AcquisitionsIndustrialSoutheastVirginia

Phoenix Investors Purchases 813,000 SF Industrial Facility in Martinsville, Virginia

by John Nelson

MARTINSVILLE, VA. — An affiliate of Phoenix Investors has purchased an 813,000-square-foot industrial building located at 1 Walker Road in Martinsville, a city in southern Virginia. Resurgence Properties sold the property for an undisclosed price. The facility previously served as a textile plant for Bassett-Walker before shuttering in 2002. Situated on 53 acres, the property is located 10 miles from the Virginia-North Carolina border and less than 12 miles from Blue Ridge Regional Airport. The facility features six dock doors and four grade-level drive-in doors, as well as 200 parking spaces. Grant Bates of Newmark is handling the leasing assignment for 1 Walker Road, which has more than 700,000 square feet of availability at the time of sale.

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DevelopmentIndustrialSoutheastVirginia

Matan Delivers 345,000 SF Industrial Project in Ashland, Virginia

by John Nelson

ASHLAND, VA. — Matan Cos. has delivered Phase I of Northlake II, an industrial park located along the I-95 corridor in Ashland, a northern suburb of Richmond. The first three buildings of the park span 345,000 square feet and were fully leased upon delivery to tenants including Ferguson, Chadwell Supply, Envoy Solutions and Haskell Hardware. Gareth Jones, Chris Avellana and Charlie Polk of JLL handle the leasing at Northlake II on behalf of Matan. Construction of Phase II will commence this summer, with expected completion at the end of 2025 for the final building, which will span approximately 200,000 square feet.

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AcquisitionsMultifamilySoutheastVirginia

Berkadia Brokers Sale of 651-Unit Multifamily Community in Richmond

by John Nelson

RICHMOND, VA. — Berkadia has brokered the sale of Belmont Hills, a 651-unit multifamily community located at 4037 Lamplighter Drive in Richmond. A joint venture led by locally based Levco Management acquired the property for an undisclosed price. Carter Wood, Drew White and Cole Carns of Berkadia represented the seller, Virginia-based Weinstein Properties, in the transaction. The property features apartments in one-, two- and three-bedroom floorplans. Amenities include a swimming pool, dog park, fitness center, clubhouse and a business center. Patrick McGlohn, Brian Gould, Miles Drinkwalter and Hunter Wood of Berkadia also secured Freddie Mac financing and sourced limited partner equity from an undisclosed party on behalf of the buyer.

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AcquisitionsDevelopmentMultifamilySoutheastVirginia

Ease Capital Provides $32M Financing for Acquisition, Renovation of Dove Landing Apartments in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Ease Capital has provided $32 million in financing for the acquisition and renovation of Dove Landing Apartments, a 318-unit multifamily community located in Virginia Beach. Community Investment Group (CIG) is the borrower. Barclay Lynch of Ease Capital originated and structured the three-year, full-term interest-only, non-recourse debt. Patrick McGlohn and Brian Gould of Berkadia secured the financing on behalf of CIG. Situated on 16.7 acres about six miles from Norfolk International Airport, Dove Landing Apartments comprises 240,880 square feet across 12 buildings. CIG plans to implement a $3.2 million capital improvement program at the property, with renovations to 155 units and upgrades throughout the community. Planned improvements include repairs to parking lots and building exteriors, as well as upgrades to landscaping and common areas including the pool area and playgrounds. Prior to the purchase, 71 units at the property were renovated. The seller and sales price were not disclosed.

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