Sterling affordable housing complex sells for $27.15M
150-unit property sold to Calif.-based firm
An affordable housing complex in Sterling sold for $27.15 million, commercial real estate investment firm Greysteel announced last week.
Located at 46565 Harry Byrd Hwy., the 150-unit Cascades Village Senior Apartments sold to Irvine, California-based Avanath Capital Management LLC, which focuses on acquiring existing affordable housing properties. Developed in 2001, the apartment complex is age-restricted (55 years and up). The seller was a private local investor whose name Greysteel would not disclose.
“Greysteel worked with the seller to whittle down the offer pool to the most competitive group, which group had also outlined a due diligence process that offered the most protection, as it relates to the COVID-19 pandemic, to the property’s residents — an element that was critically important to the seller,” Greysteel Director Henry Mathies said in a statement.
Matheis and Senior Investment Associate Fletcher Hultman represented the seller in the transaction. Senior Director Brendan Scanlon and Associate Jack Whitman, both from Greysteel, supported the financing. The Greysteel team also worked with the buyer to arrange a senior loan through M&T Realty Capital Corp. in its capacity as a DUS lender for Fannie Mae.
“The stable financial performance, highly desirable location, and immaculate physical condition of the property helped to generate a highly competitive marketing process where the seller received multiple purchase offers from highly qualified entities,” Hultman said in a statement.