$85.6M sale of Northern Virginia apartment community closes
JLL Capital Markets closed the sale of the 282-unit Arbors at Fair Lakes in Fairfax, Virginia
WASHINGTON, D.C., Aug. 23, 2023 – JLL Capital Markets announced today that it closed on the sale of Arbors at Fair Lakes, a 1987-vintage, 282-unit, value-add multi-housing community located in Fairfax, Virginia.
JLL worked on behalf of the seller, Stockbridge, and procured the buyer GID, a real estate owner and fiduciary that invests in multiple asset classes.
Arbors at Fair Lakes provides a premier value-add opportunity with the ability to upgrade unit finishes and amenities. The property features one-, two- and three-bedroom units offering in-unit washers and dryers, fireplaces, private patios and balconies, walk-in closets, deluxe kitchens and an average size of 920 square feet. Community amenities include a 24-hour fitness center, a resort-style swimming pool, a business center, a tennis court with perimeter running track, an outdoor grill/lounge area, a half-mile nature trail throughout the property and more.
Situated at 4408 Oak Creek Court, Arbors at Fair Lakes is surrounded by more than 5.3 million square feet of retail, including Fairfax Towne Center, Fair Oaks Mall and Fair Lakes Center and is within ten minutes of six grocery stores, including Whole Foods and Wegmans. The property is easily accessible to major transportation arteries, such as I-66 and Route 50, which offer unmatched connectivity to the booming employment hubs throughout Northern Virginia and Washington, D.C. Residents are just 20 minutes from Arlington and 20 minutes to D.C. Additionally, the community is positioned in the epicenter of Fairfax, providing convenient proximity to the 650,000 jobs within the county, including the Fairfax County Government Center, INOVA Hospital and George Mason University.
The JLL Capital Markets Investment Sales Advisory team was led by Managing Directors Bret Thompson and Robert Jenkins.
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About GID
GID is a leading real estate investment and management firm that operates a diverse portfolio of multifamily, industrial, and mixed-use developments across the United States. With over 60 years of experience across multiple asset classes, GID is an established real estate private equity investor and fiduciary supported by an integrated operating platform with approximately 54,000 multifamily units and over 25M square feet of industrial and commercial space of assets under management. The company also operates a credit platform that aims to provide commercial real estate debt solutions for institutional borrowers.
With corporate offices in Atlanta, Boston, Dallas, New York City, and San Francisco, GID employs over 1,200 real estate professionals and operates an expansive portfolio of existing and under-development properties valued at over $30.11 billion as of June 2023. For more information visit www.gid.com.
1Assets Under Management is calculated in compliance with the definition for Assets Under Management (“AUM”) prescribed in INREV’s Global Definitions Database.
About Stockbridge
Stockbridge is a private equity real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-add and opportunistic strategies. Stockbridge and its affiliates have approximately $33.7 billion of assets under management (as of June 30, 2023) spanning all major real estate property types and certain specialty property types throughout the United States. For more information, visit www.stockbridge.com