Two nearby Fredericksburg multifamily communities totaling 676 units are trading hands for more than $100M.

Philadelphia-based Equus Capital Partners sold the portfolio to Newport News, Virginia, firm Chandler Management for $100.5M. ARA Newmark Executive Managing Directors Drew White and Mike Marshall and Associate Jim Pope brokered the deal on behalf of the seller.

“The work done by Equus to increase value at the properties, coupled with the health of the Fredericksburg market, made this an attractive purchase for Chandler Management,” White said in a release.

The 200-unit Madison Falls Run was built in 1989 and features one- and two-bedroom units. Less than a mile away, the 476-unit Madison England Run consists of one-, two- and three-bedroom units and was built in three phases between 1991 and 2001.

The properties are roughly 95% occupied. They sit near the interchange of I-95 and Route 17 and about a mile from a 44-acre GEICO campus.