Greysteel Tapped to Sell Woodbridge’s Meridian Bay Apartments
- Apr 19, 2014
By Adrian Maties, Associate Editor
The Meridian Bay Apartments, a 23-building garden-style community located in the Northern Virginia suburb of Woodbridge, is looking for new owners. Coastal Properties of Virginia, the current owner, has selected the Greysteel Co.’s Mid-Atlantic multifamily investment sales team to sell the property. The sale price has not been disclosed.
The community was constructed in 1989, on 28.64 acres of land at 2900 Fox Lair Drive. It offers 274 spacious one-, two- and three-bedroom units, with washers and dryers, modern fixtures, expansive closets and many other features. The community also includes a business center, a fitness center, concierge services, a clubhouse, playgrounds, picnic and grilling areas and a swimming pool.
The apartments range in size from 735 to 1,141 square feet. In the fall of 2012, the ownership started work on a phased, building-by-building renovation project. It invested more than $35,000 to renovate each of the 274 units. The project included new roofs, new landscaping, rehabbed sidewalks and an enlarged fitness center.
“Woodbridge is a high-growth and absorption submarket where Millenials are choosing to ‘de-nest’ and baby boomers are downsizing,” Greysteel Director John Mullen said in a statement for the press. “The close proximity to the Washington, D.C., job market and the lower price point for renting highly amenitized luxury apartments has propelled Woodbridge into a commuter haven.” According to Greysteel, Meridian Bay Apartments also offers the possibility to add 72 more units on the existing parcel.
The Greysteel team in charge of marketing the property includes Ari Firoozabadi, John Mullen, W. Kyle Tangney, Lance Ahmadian, Caleb Brown and Mike Bediones. Recently, Greysteel was also hired to sell the Spring Road Flats, a 30-unit apartment community in Washington, D.C.’s trendy Columbia Heights neighborhood.
Photo credit: Meridian Bay Apartments