Greysteel arranges $10 million in financing for Falls Church apartment community
The Greysteel Co., a boutique real estate investment services firm, served as exclusive advisor and agent to Capital Investment Advisors LLC in arranging $10 million in joint venture equity financing in connection with Capital Investment’s acquisition of The Jefferson Apartments in Falls Church. The purchase price was $52 million.
The 310-unit, apartment community, built in 1962, is located inside the Washington D.C., Capital Beltway in the Seven Corners submarket. The property was acquired from BVF-II Prestwick LLC, an affiliate of Berkshire Property Advisors, as part of an end of fund life disposition.
Besides its accessible location, the property includes more than 13 acres of developable land that “presents long-term development potential rarely seen in a major gateway market such as the greater Washington, D.C., MSA,” Mark Bittenbender, director of Greysteel's Capital Market’s Group, said in a statement. He works out of the company’s Bethesda, Md., office.