Ravens Crest apartments in VA purchased for $113M
JLL Capital Markets closed the sale of the recently updated apartment community in Manassas
WASHINGTON D.C., May 10, 2021 – JLL Capital Markets announced today it has closed the $113 million sale of Ravens Crest, a multi-housing property located in Manassas, Virginia, which is around 30 miles from Washington D.C.
JLL worked on behalf of the seller, a partnership between LCOR and a fund managed by the Real Estate Group of Ares Management Corporation, to complete the sale to the buyer, a partnership between a fund managed by Clarion Partners, LLC and Blackfin Real Estate Investors.
The garden-style Ravens Crest apartments total 444 one- and two-bedroom units that have been recently updated, featuring stainless steel appliances, updated lighting, cabinetry, granite countertops, walk-in closets, balconies or patios and wood-style flooring. The amenity-rich property also features a newly renovated clubhouse and fitness center, business center, picnic area with grills, playground, private swimming pool and outdoor kitchen and recreation areas.
Ravens Crest also benefits from various neighborhood amenities, including a jogging trail located right behind the property, various restaurants and retail options within walking distance and more.
Ravens Crest is located at 8098 Ravens Crest Ct. in a rapidly expanding area. The property benefits from positive historical performance, including holding a 95 percent occupancy with an average rent growth of 3.7 percent due to the apartments being well-maintained, updated and positioned in a prominent, attractive suburban location with a track-record of outperforming.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Walter Coker and Brian Crivella and Directors Robert Jenkins and Bill Gribbin.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Blackfin Real Estate Investors
Founded in 2016, Blackfin Real Estate Investors is focused on acquiring and repositioning multifamily properties from the Carolinas to Boston. Its experience within real estate spans the spectrum of real estate investment management, capital renovations, property operations, finance and accounting. Blackfin currently owns and operates over 5,500 apartments. Founders Andy Buchanan and Doug Root have more than 30 years of combined experience working for institutional quality apartment acquisition, development, and management companies. Both are experienced real estate and investment management professionals. They have worked with some of the most respected names in real estate, development and investment management throughout the country and they plan to continue working with this network as they grow their portfolio. www.blackfinrei.com