GID Buys Fairfax Apartments for $86M

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GID, an Atlanta-based real estate owner, has acquired Arbors at Fair Lakes, a 282-unit multifamily in Fairfax, Va., for $85.6 million.

Washington, D.C.-based Stockbridge was the seller, having acquired it for $68 million in 2013, according to public records.

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“There was deep interest in Arbors at Fair Lakes from the investment community based on the property’s ideal location in Northern Virginia, as well as its strong property performance and value-add upside,” Bret Thompson, JLL (JLL)‘s managing director, told Commercial Observer.

Located at 4408 Oak Creek Lane and built in 1987, the 253,988-square-foot community features one-, two- and three-bedroom units with an average size of 920 square feet. The apartments feature in-unit washers and dryers, fireplaces, walk-in closets, and private patios and balconies. 

Amenities include a 24-hour fitness center, a resort-style swimming pool, a business center, a tennis court with perimeter running track, and a half-mile nature trail throughout the property.

The average rent for an apartment in Fairfax ranges between $1,887 for a studio up to $2,659 for a two-bedroom, according to Rent Café.

Just just off Interstate 66 about 20 minutes outside of Washington, D.C., the property is close to Fairfax Towne Center, Fair Oaks Mall and Fair Lakes Center. The surrounding area supports 650,000 jobs, and major employers include Fairfax County Government Center, INOVA Hospital and George Mason University, according to JLL, which represented both parties in the deal.

GID also owns three other properties in Northern Virginia: the 173-unit Halstead Tower in Alexandria, the 244-unit Io Plaza in Arlington, and the 483-unit The Ridgewood by Windsor in Fairfax.

JLL’s team also included Robert Jenkins.

Requests for comment from all parties were not immediately returned.

Keith Loria can be reached at Kloria@commercialobserver.com.