Manassas Apartments Hit The Market, Could Sell For Over $100M
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A 576-unit apartment complex in Manassas has hit the market and its price tag could reach nine figures.
Bozzuto built the Chatsworth Park apartments in 2001 on behalf of Chesapeake Residential Development, and is now a partial owner of the community, along with a subsidiary of the National Foundation for Affordable Housing Solutions, property records show.
The owners have retained Transwestern to market the property for sale, and the broker boasts the property is valued at more than $100M.
“Chatsworth Park offers investors a great value-add opportunity to renovate a rare, 2001 vintage asset with original interior finishes and great, in-place amenities,” Transwestern's Dean Sigmon said in a release. “This submarket of Northern Virginia historically has had strong long-term rent growth and low vacancy with little to no new apartment supply in the immediate area. We are expecting great interest from investors looking to make their first entrance into the D.C. market.”
The property is in western Prince William County at 8100 Chatsworth Drive in Manassas. It sits just off Route 66 and is less than three miles from an employment center at Innovation Park and less than five miles from the concert venue Jiffy Lube Live. Rents in the submarket have increased 5.3% in the last 12 months, according to Delta Associates.