NoVA property sells for $6 million
Forecasting some economic spillover from Amazon, a developer has invested in a residential property in Culpeper.
Greg Yates says his company, Yates Residential LLC, has closed for $6 million on about four acres of residential space at 2225 to 3057 Redbud St. in Culpeper. The property has a mix of townhouses, apartments and office space.
Yates says he has no immediate plans for the property and plans to continue renting it out. He says the residential vacancy rate in Culpeper already is low and with Amazon gearing up for a second headquarters in Arlington County, demand for housing will increase in the region.
Also attractive to Yates was the property’s proximity to a hospital, elementary school and downtown Culpeper. Yates says Otis Burke was the seller in the deal.
Yates also is working on building nine “upscale” apartments above Union Bank at 102 S. Main St. in Culpeper.