Ashburn, Va.—Security Properties has completed its first acquisition in the Northern Virginia/Washington D.C. area with the purchase of The Grove at Flynn’s Crossing. A location three blocks from the Metrorail’s Silver Line Phase 2 expansion certainly played heavily into the transaction. The 168-unit community will be served by the Route 772 Station—the western terminus of the line—which has an estimated completion date in 2018.
Security Properties dropped $31 million on the acquisition, according to data from Yardi Matrix. Aspen Square Management was the seller. Aspen picked up the asset back in December 2012 for $18.1 million. The asset features a mix of one, two and three-bedroom apartments. Amenities include a fitness center, clubhouse, pool and playground. In typical Security Properties fashion, the new owner will invest capital for improvements to both the interior and exterior of the property.
“This was a strategic acquisition for the company, as we plan this to be the first of many acquisitions in the Northern Virginia/Washington DC market,” says Bryon Gongaware, managing director of affordable housing for Security Properties.
