CBRE Global Investors Funds 631-Unit Apartment Community in Metro Area
- Dec 26, 2014
By Adrian Maties, Associate Editor
The Residences at Springfield Station, a Class A apartment community in the Washington, D.C., metro area, is now under new ownership. A fund sponsored by CBRE Global Investors recently acquired the property for an undisclosed price.
The mid-rise-style apartment community is located at 6802 Junction Blvd. in Springfield, Va. It features 631 one-, two- and three-bedroom apartment units and numerous amenities, including a swimming pool, a fitness center, a business center and underground parking. CBRE said the Residences at Springfield Station was 94 percent occupied at the time of the sale.
The new owner plans to renovate and upgrade the property’s interior and common areas. Improvements will include updated lighting and plumbing fixtures, new countertops and new carpets, along with upgrades to the clubhouse, expansion of the fitness center, an enhanced pool deck and a new dog park.
“Because Springfield Station offers both garden- and mid-rise-style construction, it can appeal to a larger renter pool by offering diversified product and price points,” Steve Gullo, managing director of CBRE Global Investors’ Multi-Housing Group, said in a statement. “Furthermore, the design of the common areas and unit floor plans makes the property an ideal candidate for an upgrade program that will position it as the premier community in the competitive set.”
“Washington, D.C., is a target market for us, with supply having peaked and absorption projected to outpace new deliveries,” added Steve Zaleski, senior managing director of CBRE Global Investors’ Multi-Housing Group. “The Fairfax County submarket is expected to significantly outperform the MSA, both in terms of rent growth and vacancy over the forecast period. This immediate location benefits from strong diversified employment, and federal government spending is projected to steadily increase over the next few years, fueling apartment demand.”
Photo credit: www.springfieldstationapts.com