Ritz Banc Group has acquired Pine Plaza and Wright Apartments, a 195-unit apartment portfolio in Winchester, Va., for $24 million.
The portfolio was sold by Outlier Realty Capital, which has owned it since 2019.
“The Pine and Wright acquisition appealed to us because the properties offer a significant value-add opportunity to generate returns for our investors,” Ethan Markman, acquisition associate for Ritz Banc Group, told Commercial Observer. “We are bullish on the Winchester multifamily market given its strong fundamentals, aggressive rent growth, and limited supply resulting in strong demand for workforce housing.”
Located at 2237 Taft Circle and originally built in 1955, the 136-unit Pine Plaza was renovated in 1990 and sold for $17.28 million. The 59-unit Wright Apartments, built in 1971 and three miles away at 1002-1058 Woodstock Lane, sold for $6.72 million, or $113,898 per unit.
The new owner will be completing a full value-add renovation at the properties to upgrade apartment units, common areas and amenities, according to Markman.
Marcus & Millichap represented both sides in the acquisition.
“It was a pleasure to work with both seller and buyer in completing this transaction as they are both long-term clients,” Marty Zupancic, Marcus & Millichap’s senior vice president investments in Washington, D.C., said in a prepared statement. “The demand for value-add multifamily assets in the Winchester submarket and greater I-81 corridor remain strong, with solid fundamentals creating the foundation for this transaction.”
Joining Zupancic on the deal were the firm’s Dennis Cravedi, Nick Murray and Eric Jentoft-Herr.
Keith Loria can be reached at Kloria@commercialobserver.com.