Jefferson Apartment Group Acquires Community in Booming D.C. Suburb
- Apr 13, 2016
Washington—Jefferson Apartment Group (JAG) announced it has acquired Somerset Park Apartments in Leesburg, Va. The property will be managed by JAG Management. No financial details have been disclosed and the Loudoun County online records did not reflect the transaction at the time of publication. The last time the asset changed hands was at the end of 2011, when the transaction between seller Arcadia-Leesburg LC and buyer Home Properties Somerset Park LLC commanded $20.25 million.
Located at 700-705 Somerset Park Drive in Leesburg, the six-building multifamily property is within a 20-minute drive from the Dulles International Airport, offering great commutes for high density office clusters including the Route 28 corridor, Herndon, Reston, and Tysons Corner. The property lot can support the development of 42 additional units, plus the expansion of community amenities.
The 108-unit Class A condo community, which was originally built in 2007, features one- and two-bedroom apartments, as well as townhome style units. A one-bedroom unit occupies 755 square feet, while the two-bedroom ones offer three floor plans ranging between 960 and 1330 square feet. The community showcases amenities including a spacious clubhouse with a fitness center, picnic area, walking paths, in-unit washer/dryer, optional fireplaces and landscaped grounds. Somerset Park is conveniently situated for several large shopping centers, numerous dining options and other amenities.
“Somerset was a unique opportunity to buy a well-positioned multifamily asset that can be expanded by constructing two additional buildings, as well as invest capital in the common area and the units to generate significant rent premiums” said Kevin Smith, SVP & acquisition partner at JAG, in a prepared statement.
Image courtesy of Jefferson Apartment Group