Nuveen JV Acquires Northern Virginia Apartments For $82M
A joint venture between Jair Lynch Real Estate Partners and Nuveen has acquired the Potomac Vista Apartments, a 408-unit multifamily community in Woodbridge, Va., from FCP for $81.5 million, according to the seller.
“FCP successfully implemented our business plan of curing deferred maintenance and improving common area amenities while maintaining and preserving workforce housing in the Washington D.C. Metro area,” Scott Reibstein, an associate at FCP, told Commercial Observer. “It has a strong retail presence anchored by Stonebridge at Potomac Town Center. This growing and resilient submarket provided durable cash flow through our ownership period.”
Located at 4101 Kristin Court, about 20 miles outside Washington, D.C., the Potomac Vista Apartments were built in 1987 and acquired by FCP in August of 2016.
“FCP invested significant capital into the property, including the renovation of the leasing center/resident clubhouse, cured deferred maintenance via roof and HVAC replacements and improved curb appeal through landscaping and signage improvements, Reibstein said.
Potomac Vista is an amenitized community with proximity to Northern Virginia and D.C.’s largest employment centers including Sentara Northern Virginia Medical Center, Fort Belvoir, and the Marine Corps Base at Quantico.
JLL’s Brian Crivella, Walter Coker and Robert Jenkins represented FCP in the deal. The buyers were represented in-house.
The buyers did not respond to requests for comment.