TruAmerica Multifamily, a national, institutionally-focused multifamily investment firm, acquired Chase Heritage Apartments, a 236-unit garden-style apartment community in the Washington, D.C. market.
“Northern Virginia is the top market in the D.C. MSA, and we continue to leverage our expertise and scale to expand in high growth markets,” said Matt Ferrari, Head of Acquisitions and co-CIO of Los Angeles-based TruAmerica Multifamily.
“Chase Heritage represents an opportunity to advance our commitment toward building better communities,” said Bob Hart, President and CEO of TruAmerica Multifamily. “Well-capitalized platforms like TruAmerica can secure investment opportunities like Chase Heritage at an attractive entry point in a key Washington, D.C. suburb, thus allowing us to continue to grow our national portfolio of multifamily properties.”
Built in 1986, the 15-acre property is located at 1212 Chase Heritage Circle in Sterling, Virginia, and features a desirable mix of one-, two- and three-bedroom units catering to young professionals and families in Northern Virginia’s suburbs. Since 2021, significant capital expenditures and key property enhancements have been completed at the community, which were focused on the pool area, clubhouse, fitness center, and the exterior. TruAmerica plans to execute a value-add capital improvement program at the property that will include renovated interiors and enhanced common area amenities.
Loudoun County stands out among the D.C. suburbs for its robust employment drivers, exceptional demographics, and high quality of life. The submarket is home to “Data Center Alley,” the world’s largest concentration of data centers, housing nearly 300 facilities, with more under development. The area provides residents access to top-tier technology firms and high-paying jobs, which underpins its stature as one of the wealthiest counties in the U.S. based on median household income.
Robert Dean, Senior Managing Director, and Jonathan Greenberg, Senior Managing Director, of IPA Mid Atlantic represented the seller.
