Willow Creek Partners Sells Virginia Multifamily Complex for $57M
The price is 26% more than the equity firm paid for the apartments in 2021
By Nick Trombola February 20, 2025 2:02 pm
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A private equity firm based in Northern Virginia has traded a multifamily property it acquired just a few years ago for a handsome profit.
Willow Creek Partners, based in Tysons, sold the 324-unit Barracks West Apartments & Townhomes in Charlottesville, Va., to West End Capital Group for $56.8 million, according to brokerage KLNB. The purchase price is just over 26 percent above the $44.9 million Willow Creek paid the Goldstar Group for the property in 2021.
“Interest in Charlottesville multifamily assets is at an all-time high,” Jared Emery, a senior vice president at KLNB, said in a statement. “This opportunity attracted offers from groups across the investor spectrum, ranging from family offices and regional firms to large institutions. This area of Virginia is highly sought after due to its high barriers to entry and strong demographic profile.”
West End plans to make “extensive” upgrades to the apartments’ communal amenities and living spaces, on top of the renovations completed by Goldstar when it owned the property, which is at 255 Saponi Lane. KLNB’s Emery and Rawles Wilcox facilitated the latest deal on behalf of Willow Creek.
“Barracks West represents a case study in the value-add potential of well-located, townhome-style multifamily communities,” Wilcox added in a statement. “West End is well positioned to build on the existing foundation and further enhance the community to drive long-term value.”
Interest in and demand for multifamily properties in Virginia has skyrocketed lately, particularly in the northern part of the Cavalier State. Multiple large properties traded hands at the end of last year in nine-figure deals, including Town Square at Mark Center, a 678-unit community that Equity Residential sold to DSF Group for $237 million.
Or there’s the trio of properties that traded hands in the DMV around the same time as Equity Residential’s deal: Mesirow paid $175.1 million to the Hanover Company for a 412-unit complex in Tysons; Pembroke paid $158.3 million to Trammell Crow Residential for a 267-unit property in Arlington; and Griffis Residential paid $115.3 million to Zom Living for a 229-unit property in Bethesda, Md.
Nick Trombola can be reached at ntrombola@commecialobserver.com.
