Berkadia Completes Sale and Secures Financing for Multifamily Property in Virginia
WASHINGTON, D.C. and BOSTON – November 4, 2024 – Berkadia announced today the completed sale and financing secured for Manassas Station Apartments, a 244-unit multifamily property located in Manassas, Virginia. Senior Managing Director Brian Crivella and Senior Directors Bill Gribbin and Yalda Ghamarian of Berkadia DC Metro completed the sale on behalf of the sellers, CAPREIT and Principal. The buyer was New York-based Osso Capital, and the deal closed on October 24.
“We are thrilled to close this deal in Northern Virginia,” said Crivella. “Northern Virginia has proven itself to be top 3 target investment market in the country. The unique Old Town Manassas location combined with value add and high growth upside potential contributed to a highly sought after opportunity in the market,” said Crivella.
Located at 9004 / 9205 Prince William St., Manassas Station Apartments features studio, one- and two-bedroom floor plans with spacious floorplans and nine-foot ceilings poised for value-add potential. Community amenities include a fitness center, a clubhouse, and a business center. The Property is a four-minute walk to the Virginia Railway Express station (VRE) and is only a 10-minute drive to I-66, providing seamless access throughout the greater Washington, DC and Northern Virginia areas.
George Mason’s Innovation Park (Q4 2024 Phase I delivery) will bring upwards of 2 million SF of non-residential academic and office space, nearly 40,000 new technology and STEM jobs, and further Northern Virginia’s positioning as a hub for STEM employment. Micron Technology, whose 576,000 SF microchip facility is just ten-minutes from the Property, has dedicated $150 billion to invest in microchip production over the next ten years and has been preapproved to purchase an additional 18+ acres. In addition, the submarket has no future deliveries planned or under construction.
Apartments near Manassas commuter rail station change hands for $69M | Washington Business Journal