Clarion, Blackfin JV Acquires Ravens Crest NoVA Apartments for $113M
A joint venture between a fund managed by Clarion Partners (CPREX) and Blackfin Real Estate Investors has acquired Ravens Crest, a 444-unit garden-style apartment community in Manassas, Va., for $113 million.
“Ravens Crest performed very well during COVID as renters were looking for more space in suburban locations,” Robert Jenkins, a director at JLL, told Commercial Observer. “The asset provides stable, appreciating cash flow with additional value-add upside through continued unit renovations in a rapidly growing submarket with limited new supply.”
Located at 8098 Ravens Crest Court in the Bull Run area of Northern Virginia about 30 miles from Washington, D.C., the property offers one- and two-bedroom units that have been recently updated with stainless-steel appliances, granite countertops and wood-style flooring. Amenities include a freshly renovated clubhouse and fitness center, business center and a private swimming pool.
The property benefits from positive historical performance, including holding a 95 percent occupancy with an average rent growth of 3.7 percent, according to Jenkins. Rents currently range from $1,317 to $1,559.
“Manassas and the multifamily assets located there have continued to benefit from the surging Northern Virginia economy as population growth has resulted in increased apartment demand, high occupancy rates and strong rent growth,” Jenkins said. “Ravens Crest rents are in line with the other assets of similar vintage in Manassas, and there is an opportunity to push rents through a continued value-add program.”
Joining Jenkins on the deal were Senior Managing Directors Walter Coker and Brian Crivella, and Director Bill Gribbin.