Calif.-based company buys Sterling apartment complex for $27.15M
Cascades Village includes 150 units
An affordable housing complex for seniors in Sterling has sold for $27.15 million, Irvine, California-based Avanath Capital Management announced late last week.
Avanath acquired the 150-unit Cascades Village located at 46565 Harry Byrd Highway from Community Village at Sterling LP, according to Loudoun County property records.
“Avanath was attracted to Sterling because home pricing and existing market-rate product in the market are unaffordable to lower income renters, resulting in a significant demand for affordable rental units in the area,” Avanath President John Williams said in a statement.
Built in 2001, Cascades Village is a three-story apartment complex for residents 55 years of age and older. The property is 98.7% occupied. The units sit on 5.65 acres and the property also includes 180 parking spaces and amenities including a fitness center, beauty salon, library and outdoor patio. The company plans to improve common areas and amenity spaces as well as add tenant wellness services and activities to add value to the property, according to Avanath.
Avanath now owns a total of 673 units in Virginia, also including units at the Acclaim at Ashburn and Alexandria Station.