Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Pine Plaza and Wright Apartments, a 195-unit apartment portfolio located in the Winchester submarket of Virginia. The assets sold for a combined total of $24 million, or $123,077 per unit at a blended cap rate of 4.23 percent based on trailing-12-month financials.
“It was a pleasure to work with both seller and buyer in completing this transaction as they are both long-term clients. The demand for value-add multifamily assets in the Winchester submarket and greater I-81 corridor remain strong, with solid fundamentals creating the foundation for this transaction,” said Marty Zupancic, senior vice president investments in the firm’s Washington, D.C. office.
Marcus & Millichap’s Zupancic, Dennis Cravedi, Nick Murray, and Eric Jentoft-Herr, represented the seller, Outlier Realty Capital, and procured buyer, Ritz Banc Group.
“Ritz Banc Group is excited to add Pine Plaza and Wright Apartments to our growing multifamily portfolio,” said Ethan Markman, acquisition associate for Ritz Banc Group. “This deal represents the firm’s second acquisition in Winchester and demonstrates our continued conviction in the value-add multifamily sector and I-81 market in western Virginia. We look forward to integrating these assets with our greater portfolio and providing strong returns to our investors.”
Pine Plaza was built in 1955 and renovated in 1990. The property is located at 2237 Taft Circle, Winchester, Va. and features 136 units. The asset sold for $17,280,000 or $127,059 per unit. Wright Apartments was built in 1971 and is located at 1002-1058 Woodstock Lane, Winchester, Va. The property features 59 units and sold for $6,720,000 or $113,898 per unit.