A national real estate development and investment company announced Tuesday that it has purchased a 139-unit apartment complex in downtown Manassas.
CAPREIT, based in Rockville, Md., plans to renovate The Courts at Historic Manassas, a seven-year-old apartment complex that sits just west of Grant Avenue on Prince William Street, within walking distance of the Virginia Railway Express station. The company did not disclose how much it paid to acquire the complex.
“The Courts at Historic Manassas was an attractive acquisition because it was available for below replacement cost, despite the fact that it is a relatively new asset – something that is very difficult to find in today’s [real estate] market,” said Brendan Majev, an acquisitions associate for CAPREIT, in a company statement.
“We believe the property’s downside is very limited because of these two factors,” he added. “Furthermore, none of the comparable nearby properties have walkable access to downtown Manassas or the commuter rail; therefore, this asset’s value is likely to increase more than others as growth continues in the immediate area.”
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The Courts at Historic Manassas features three stories of apartments above a ground floor. It consists of one- and two-bedroom apartments, with units on the larger end surpassing 1,300 square feet. Amenities include a fitness center, garage parking and on-site storage.
CAPREIT said it will add a dog park to the complex and renovate each apartment with new hardware, plumbing, lighting and fixtures.
Including The Courts at Historic Manassas, CAPREIT said it currently owns and operates nearly 13,000 apartments across the nation, worth about $5 billion.