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Sterling Apartment Community Trades For $48M

The 236-unit Chase Heritage apartment community in Sterling, Va.

A 236-unit garden-style apartment community in Sterling, Virginia, has just traded hands for $48.4M. 

Baltimore-based Continental Realty Corp. sold the Chase Heritage apartments to Newport News, Virginia-based Chandler Management Corp. CBRE's D.C. multifamily investment team of Jonathan Greenberg, Bill Roohan, Bob Dean, Mike Muldowney, Yalda Ghamarian and Thomas Leachman brokered the deal. 

The 15-acre property at 1212 Chase Heritage Circle was last sold in 2012 for $42.4M, property records show. The community sits near the interchange of Route 28 and South Sterling Boulevard, about 2 miles from the Wegmans- and- Target-anchored Dulles 28 Centre. It is also less than 5 miles from Dulles International Airport

"Chase Heritage is the perfect value-add opportunity in a submarket that's experiencing significant job, income and population growth," Greenberg said in a release. "New ownership can execute a renovation program to achieve proven rent premiums and offer a great alternative to Class-A communities in the Reston-Herndon submarket.