JLL Capital Markets announced it has closed the $113 million sale of Ravens Crest, a multihousing property located in Manassas, Virginia, which is around 30 miles from Washington D.C.
JLL worked on behalf of the seller, a partnership between LCOR and a fund managed by the Real Estate Group of Ares Management Corporation, to complete the sale to the buyer, a partnership between a fund managed by Clarion Partners, LLC and Blackfin Real Estate Investors.
The garden-style Ravens Crest apartments total 444 one- and two-bedroom units that have been recently updated, featuring stainless steel appliances, updated lighting, cabinetry, granite countertops, walk-in closets, balconies or patios and wood-style flooring. The amenity-rich property also features a newly renovated clubhouse and fitness center, business center, picnic area with grills, playground, private swimming pool and outdoor kitchen and recreation areas.
Ravens Crest also benefits from various neighborhood amenities, including a jogging trail located right behind the property, various restaurants and retail options within walking distance and more.
Ravens Crest is located at 8098 Ravens Crest Ct. in a rapidly expanding area. The property benefits from positive historical performance, including holding a 95 percent occupancy with an average rent growth of 3.7 percent due to the apartments being well-maintained, updated and positioned in a prominent, attractive suburban location with a track-record of outperforming.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Walter Coker and Brian Crivella and Directors Robert Jenkins and Bill Gribbin.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.