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LoansMultifamilySoutheastVirginia

Wells Fargo Provides $150M Agency Refinancing for Skyline Towers in Falls Church, Virginia

by John Nelson

FALLS CHURCH, VA. — Wells Fargo has provided a $150 million Freddie Mac loan for Skyline Towers, a Class B multifamily property located at 5599 Seminary Road in Falls Church, roughly 10 miles west of Washington, D.C. The property features two 26-story apartment towers comprising 940 apartments. The undisclosed borrower will use the loan to refinance an existing Wells Fargo balance sheet loan. According to the property website, Skyline Towers offers studio, one-, two- and three-bedroom apartments, as well as a social lounge, fitness center, swimming pool with a pool deck, outdoor grilling area with lounge seating, concierge services and weekday shuttle service. The property also includes an onsite market and dental office.

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AcquisitionsMultifamilySoutheastVirginia

TruAmerica Multifamily Acquires Chase Heritage Apartments in Sterling, Virginia for $72M

by John Nelson

STERLING, VA. — TruAmerica Multifamily has purchased Chase Heritage Apartments, a 236-unit community located at 1212 Chase Heritage Circle in Sterling, a suburb of Washington, D.C. McDowell Properties sold the garden-style property for $72 million. Robert Dean and Jonathan Greenberg of Institutional Property Advisors’ (IPA) Mid-Atlantic office represented the seller in the transaction. Built in 1986, Chase Heritage has had multiple renovations completed since 2021, mostly on the exterior and amenity areas including the pool area, clubhouse and fitness center. TruAmerica Multifamily plans to renovate the property’s interiors and enhance amenity offerings during its ownership.

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DevelopmentIndustrialSoutheastVirginia

Lingerfelt, Davis Cos. Acquire 95-Acre Site in Richmond, Plan to Develop 7 Hills Distribution Center

by John Nelson

RICHMOND, VA. — A joint venture between Lingerfelt and The Davis Cos. has acquired 95 acres in Richmond for the development of 7 Hills Distribution Center. Located south of Richmond International Airport, the warehouse and distribution space will span 820,800 square feet across four buildings at full build-out. Phase I of the project is expected to break ground in late summer 2025 and will include an extension of 7 Hills Blvd. throughout the property and speculative construction of the first building, which will total 267,849 square feet. Construction of the second, third and fourth buildings will begin upon completion of Phase I and will offer flexibility for build-to-suit or pre-lease arrangements, depending on leasing activity of the tenant(s). Delivery of the first building at 7 Hills is anticipated for fall 2026. The Lingerfelt-Davis Cos. joint venture previously delivered Carmel Church Business Center, which brought 325,500 square feet of Class A warehouse space to the northern Richmond region.

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AcquisitionsRetailSoutheastVirginia

Greysteel Negotiates $9M Sale of Laburnum Park Shopping Center in Richmond

by John Nelson

RICHMOND, VA. — Greysteel has negotiated the $9 million sale of Laburnum Park Shopping Center, a 61,060-square-foot retail center located at 4320, 4356 and 4396 S. Laburnum Ave. in Richmond. Oklahoma-based The Criterion Fund purchased the property from the seller, a private individual. Ben Wilson of Greysteel represented the seller in the transaction and procured the buyer. The seller received 10 competitive offers during marketing, according to Greysteel. Laburnum Park Shopping Center features two in-line retail buildings, a standalone retail pad and a bank pad.

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Affordable HousingDevelopmentHealthcareMultifamilyOfficeSoutheastVirginia

Advantage Capital Closes Financing for $51M Office-to-Residential Conversion Project in Falls Church, Virginia

by John Nelson

FALLS CHURCH, VA. — Advantage Capital has closed on the financing for Telestar Court, a $51 million office-to-residential conversion project in Falls Church, a Northern Virginia suburb of Washington, D.C. The developer is a joint venture between Conifer Realty and Joseph Browne Development Associates. Set for completion in spring 2027, the redeveloped site will deliver 80 apartments (36 one-bedroom and 44 two-bedroom) for low- to moderate-income residents earning 30 percent and 80 percent of the area median income (AMI). The property was formerly a medical office building. Advantage Capital leveraged $15 million in low-income housing tax credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program to help fund the conversion project.

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Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Partnership Receives $120M for Redevelopment of Samuel Madden Homes in Old Town Alexandria, Virginia

by John Nelson

ALEXANDRIA, VA. — A public-private partnership between Fairstead, Alexandria Redevelopment and Housing Authority (ARHA) and The Communities Group has received $120 million in financing for the ground-up redevelopment of Old Town Alexandria’s historic Samuel Madden public housing complex. The Samuel Madden site will be redeveloped into a six-story, 295,000-square-foot mixed-income community. The property’s affordable component will apply to all households earning between 30 and 80 percent of the area median income (AMI). Originally constructed in 1945, the Samuel Madden community will be redeveloped to feature 207 units, ranging from one- to four-bedroom floorplans. Community amenities will include a studio for podcast recording, game room with free internet access, 7,500 square feet of open space, interior courtyard and an underground parking garage. Local nonprofit organization ALIVE! will also operate a 500-square-foot food hub on the ground-floor to provide residents access to fresh food and various resources. Additionally, through a partnership with Virginia Center for Housing Research at Virginia Tech, green design elements will be incorporated throughout the development to reduce energy and water consumption. Financing sources for the development include Boston Financial, Freddie Mac, Virginia Housing, Sterling Bank, the City of Alexandria, the U.S. Department of Housing and Urban Development (HUD) …

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DevelopmentMultifamilyOfficeSoutheastVirginia

Carr Properties Receives Site Plan Approval for Office-to-Multifamily Conversion Project in Metro D.C.

by John Nelson

CLARENDON, VA. — Carr Properties has received site plan approval for the redevelopment of 3033 Wilson Blvd. in the Washington, D.C., suburb of Clarendon. Situated across from the Clarendon Metro Station, the former 160,000-square-foot office building will be transformed into a 309-unit multifamily complex with 6,000 square feet of ground level retail space. Carr Properties will participate in Arlington’s Green Building Incentive Program while also aiming for LEED Gold certification for 3033 Wilson. Architecture firm SK+I and interior design firm Edit Lab by Streetsense will design the redeveloped property, which will include a fitness center, coworking lounge, rooftop pool deck, clubroom, landscaped courtyard and 324 underground parking spaces with 13 electric vehicle charging stations. The project team also includes landscape architect ParkerRodriguez, civil engineer Bohler DC and McGuireWoods as land-use counsel.  3033 Wilson is anticipated to break ground in early 2026, with completion slated for 2027.

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LoansMultifamilySoutheastVirginia

Berkadia Secures $129M Refinancing for Amberleigh Apartments in Fairfax, Virginia

by John Nelson

FAIRFAX, VA. — Berkadia has secured $129 million for the refinancing of Amberleigh Apartments, a 752-unit multifamily community located in the Washington, D.C., suburb of Fairfax. Patrick McGlohn, Brian Gould, Miles Drinkwalter and Natalie Hershey of Berkadia arranged the financing on behalf of the locally based borrower, Redbrick LMD, which comprised a $113.8 million Freddie Mac loan and a $15.6 million preferred equity investment from an undisclosed source.  Situated near the Dunn Loring-Merrifield Metro Station and adjacent to Inova Fairfax Hospital, Amberleigh Apartments features one-, two- and three-bedroom floorplans ranging in size from 861 square feet to 1,523 square feet, according to Apartments.com. Amenities at the property include a fitness center, sundeck, courtyard, swimming pool, clubhouse, conference room, playground and outdoor grilling stations and picnic areas.

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DevelopmentHospitalitySoutheastVirginia

KARA Hospitality Opens 92-Room Extended Stay America Hotel in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — KARA Hospitality has opened Extended Stay America Premier Suites – Charlottesville, a 92-room, four-story hotel in Charlottesville. The hotel features free Wi-Fi, complimentary breakfast, cable TV, a 24-hour fitness room, onsite guest laundry and a lobby with additional vending options. All suites include fully equipped kitchens with full-size refrigerators, microwaves, stovetops, cookware, utensils and dishes, as well as recliners and work areas.

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AcquisitionsRetailSoutheastVirginia

CBRE Brokers Sale of 58,434 SF Shops at High Street Retail Village in Williamsburg, Virginia

by John Nelson

WILLIAMSBURG, VA. — CBRE has brokered the sale of Shops at High Street, a 58,434-square-foot retail village located at 1430 High St. in Williamsburg. The Khoshbin Co., a privately held real estate investment and management firm based in Costa Mesa, Calif., sold the center for an undisclosed price. CBRE’s National Retail Partners Mid-Atlantic team represented the seller in the transaction, while White House Realty Group represented the buyer, an undisclosed private investor. Shops at High Street was 98 percent leased at the time of sale to tenants including Movie Tavern, Five Guys, Subway, Orangetheory Fitness, The Learning Experience and 1-800 Flowers.

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