Virginia Apartment

Property Summary

Type: Multi-family
Size: 296 units
Location: Lorton, Virginia

Acquisition Summary

Source: Off-market
Investment: $1.6 million
Ownership: Limited partnership interests

Transaction Overview

Equity Resource Fund 2011 invested $1.6 million to acquire a minority interest in a limited partnership that owns a 296-unit Class B apartment complex in Lorton, Virginia. The property is in a stable, suburban area south of Washington, D.C. with high occupancy rates and proximity to commuter rail service. The investment will provide strong cash flows given the spread between its borrowing costs and the going-in cap rate. The sponsor and co-investor, a long-time ERI partner, is a property management and development company with more than 20,000 apartment units in 10 states.