Virginia

Station Square at Cosner’s Corner Fredericksburg

Doster Construction to Break Ground on Multifamily Community in Virginia

by John Nelson January 13, 2015

FREDERICKSBURG, VA. — Doster Construction Co. has been selected to construct Phase II of Station Square at Cosner’s Corner, a 120-unit apartment complex in Fredericksburg. The project team, including developer MAA Communities and architect Davis Architects, will break ground on the apartment community in the first quarter. Upon completion, the property will feature upscale kitchens, crown molding, screened balconies and patios, washers and dryers, walk-in closets, a resort-style swimming pool, fitness center and a business center.

January 13, 2015

Multifamily Southeast Virginia

Capstone Brokers $17.5M Sale of Apartment Community in Richmond

by John Nelson January 7, 2015

RICHMOND, VA. — Capstone Apartment Partners has brokered the $17.5 million sale of Ashton Square Apartments, a 372-unit apartment community located in Richmond. The property, originally built in 1964, was 95.4 percent occupied at the time of sale. Kohn Family Trust purchased Ashton Square from Weinstein Properties for roughly $47,151 per unit. Todd Conner, Jared Alcorn and Beau McIntosh of Capstone represented Weinstein Properties in the transaction.

January 7, 2015

Hospitality Southeast Virginia

CBRE Hotels Brokers Sale of 11-Property Portfolio in the Southeast

by John Nelson January 6, 2015

NORFOLK, VA. — CBRE Hotels has brokered the sale of 11 upscale select-service and extended-stay hotels in the Southeast. Noble Investment Group purchased the portfolio from McKibbon Hotel Group Inc. for an undisclosed amount. The portfolio spans 1,308 rooms in five states and includes brand affiliations with Marriott and Hilton. McKibbon Hotel Management Inc. will continue to manage the portfolio. Doug Henkel, Lew Miller, Andy Wimsatt, Lisa Zaranek, Ron Danko and Kym Halsted of CBRE Hotels represented McKibbon Hotel Group in the transaction. CBRE Capital Markets provided acquisition financing on behalf of Noble Investment Group.

January 6, 2015

Multifamily Southeast Virginia

CBRE Global Investors Buys Apartment Community in Metro D.C.

by John Nelson December 16, 2014

SPRINGFIELD, VA. — CBRE Global Investors has acquired the Residences at Springfield Station, a Class A, 631-unit garden and mid-rise apartment community in Springfield, a suburb of Washington, D.C. The property is located at 6802 Junction Blvd. adjacent to the Franconia-Springfield Metro Station. Springfield Station was 94 percent occupied at the time of sale. CBRE Global Investors plans to rehab the property’s interiors with updating lighting and plumbing fixtures, two-inch window blinds, stainless steel appliance packages, two-tone paint, new carpets, upgraded cabinets and hardware and new countertops. Common area improvements will include a modernized clubhouse and fitness center, enhancements to the resort-style pool deck, the addition of a dog park and improvements to the accessibility of mass transit.

December 16, 2014

Office Southeast Virginia

Carr Properties Begins Demolition, Pre-Construction on Arlington Office Building

by John Nelson December 15, 2014

ARLINGTON, VA. — Carr Properties has begun the demolition and pre-construction phase for a 175,000-square-foot, eight-story office building located at 2311 Wilson Blvd. in Arlington. The building, which is designed to achieve LEED Gold certification, will be ready for occupancy in 2017. The office building will feature street-level retail space, a conference room, restaurant and café, childcare facility, health club, bike room, rooftop terrace and an 18,000-square-foot urban park with gardens. Carr Properties has hired Spencer Stouffer, Krysta Herring and Phillip Thomas of Cassidy Turley to handle leasing the office building.

December 15, 2014

Multifamily Southeast Virginia

CBRE | Hampton Roads Brokers $24.7M Sale of Virginia Beach Apartment Complex

by John Nelson December 11, 2014

VIRGINIA BEACH, VA. — CBRE | Hampton Roads has brokered the $24.7 million sale of Bancroft Hall, a 244-unit apartment community located at 1031 Essex Court in Virginia Beach. S.L. Nusbaum purchased the property from Harbor Group International. The apartment community features a dog park, swimming pool, fitness center, children’s playground and media room equipped with Wi-Fi. Dan Johnson and Hank Hankins of CBRE | Hampton Roads represented the seller in the transaction.

December 11, 2014

Office Southeast Virginia

Federal Capital Partners Sells Arlington Office Building for $56.2M

by John Nelson December 10, 2014

ARLINGTON, VA. — Federal Capital Partners (FCP) has sold a 10-story, 182,832-square-foot office building located at 4040 N. Fairfax Drive in Arlington’s Ballston submarket for $56.2 million. The buyer, a joint venture between Lionstone Investments and Penzance, also holds an option to acquire the adjacent office building located at 4000 N. Fairfax Drive. The McMullin Revocable Family Trust, FCP’s partner and prior owner of 4040 N. Fairfax, has retained control of the property’s density rights, which will be sold separately to the Lionstone-Penzance venture. FCP entered into a partnership with the McMullin Family on the office building in July 2012 with a preferred equity investment. Since then, the partnership has fully renovated the office building and inked lease agreements with Marymount University and Virginia Heritage Bank, which is now known as Eagle Bank. Law firm McGuire Woods negotiated the transaction via a trust structure that separated the building from its additional density rights. Bill Collins and Jud Ryan of Cassidy Turley represented the buyer in the transaction.

December 10, 2014

Retail Southeast Virginia

S.L. Nusbaum Brokers $8.8M Sale of Virginia Shopping Center

by John Nelson December 8, 2014

FARMVILLE, VA. — S.L. Nusbaum Realty Co. has brokered the $8.8 million sale of The Shoppes at College Park, a 106,000-square-foot shopping center located on South Main Street in Farmville. The shopping center’s tenant roster includes Rite Aid, Dollar General, Goodwill, Advance Auto Parts and Buffalo Wild Wings. Nathan Shor of S.L. Nusbaum Realty represented the seller, Farmville Partners LLC, in the transaction. The buyer purchased the asset in a 1031 tax-deferred exchange. S.L. Nusbaum Realty is a Norfolk, Va.-based partner of X Team International, an international alliance of retail real estate advisors.

December 8, 2014

Multifamily Southeast Virginia

Capstone Brokers $2.1M Sale of Two Apartment Communities in Roanoke

by John Nelson December 8, 2014

ROANOKE, VA. — Capstone Apartment Partners has brokered the sale of two apartment communities in Roanoke known as Carefree Place and Ellsworth Place. Mid Atlantic Funding LLC purchased both properties from Rapp Properties LLC for $2.1 million, or $52,500 per unit. The communities had an average occupancy rate of 98 percent at the time of sale. Todd Conner and Beau McIntosh of Capstone represented Rapp Properties in the transaction.

December 8, 2014

Multifamily Southeast Virginia

ARA Brokers Sale of Apartment Community in Virginia Beach

by John Nelson November 24, 2014

VIRGINIA BEACH, VA. — ARA has brokered the sale of Woodshire Apartment Homes, a 288-unit apartment community in Virginia Beach. Built in 1975, the property was 95 percent occupied at the time of sale. Mike Marshall, Drew White and Wink Ewing of ARA represented the seller, Chandler Management Corp., in the transaction. The Bainbridge Cos. purchased the asset for an undisclosed price.

November 24, 2014

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