REBusinessOnline

Greysteel Negotiates $27.2M Sale of Affordable Seniors Housing Apartments in Northern Virginia

Cascades Village is a 150-unit, age-restricted affordable housing community developed in 2001.

STERLING, VA. — Greysteel has negotiated the sale of Cascades Village Senior Apartments, an affordable seniors housing property located in Sterling, approximately 25 miles northwest of Washington, D.C. A private local investor sold the property to Avanath Capital Management for $27.2 million. Cascades Village is a 150-unit, age-restricted affordable housing community developed in 2001 using Low-Income Housing Tax Credits (LIHTC). Henry Mathies and Fletcher Hultman of Greysteel’s East Coast Affordable Housing practice represented the seller in the transaction. The Greysteel team additionally worked with the buyer to arrange an acquisition loan through M&T Realty Capital Corp.

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