Chicago-Based Investor Purchases Springfield Apartment Complex for $174M
Chicago-based Waterton has purchased a 631-unit apartment complex at 6802 Junction Boulevard in Springfield, Va., according to a press release from the investor.
Waterton bought the Residences at Springfield Station for $174 million from a CBRE Global Investors affiliate, according to the Washington Business Journal, which first reported the acquisition.
“As a hub of population growth and job creation, the greater Washington, D.C. area is an extremely important market for multifamily investment,” David Schwartz, the chairman and co-founder of Waterton, said in a prepared statement.
The firm announced the Springfield deal along with seven other multifamily property acquisitions totaling 3,685 units in Texas, Arizona and North Carolina. Waterton did not respond to Commmercial Observer’s request for comment regarding the purchase price for all eight properties.
“The properties offer excellent housing value in markets where we expect to see incremental rental demand and pricing power potential,” Schwartz said.
The garden-style complex in Springfield is in walking distance from the Franconia-Springfield Metro station and Springfield Town Center and less than two miles from the future headquarters of the Transportation Security Administration.
“The Residences at Springfield has terrific bones. It was developed with a high-end clientele in mind and has been well-maintained,” said Schwartz, adding that the property fits perfectly with the firm’s strategy to bring updated homes to people across the country.