Manassas, VA. – Transwestern today announces it has been retained to sell Chatsworth Park, 576 apartment homes at 8100 Chatsworth Drive in Manassas, Virginia. The property is valued at more than $100 million. Dean Sigmon and Robin Williams of Transwestern’s Mid-Atlantic Multifamily Group are representing the seller.
“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,” said Sigmon. “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.”
Employment in Western Prince William County, where the property is located, is projected to grow by nearly 80 percent through 2045, according to the Metropolitan Washington Council of Governments. Within a five-mile radius of the property, the median household income is $92,226, according to ESRI, and there is 10 million square feet of retail and restaurant space, according to CoStar.
Chatsworth Park includes one-bedroom, two-bedroom, two-bedroom with den and three-bedroom apartment homes. The property’s amenities include a renovated clubhouse with a 24-hour media room, conference room, business and fitness center, swimming pool with sundeck and wi-fi, wading pool, indoor playroom, outdoor grilling area, dog park and playground.
Offering easy access to Interstate 66, Virginia Railway Express and AMTRAK, the property is a six-minute drive from technology research campus Innovation Park, which houses major employers like George Mason University, Lockheed Martin, the National Institutes of Health, Logitech and the FBI’s Northern Virginia Resident Agency field office.
Effective rents in Western Prince William County increased 5.3 percent in the 12 months ending March 2017 and have grown 3.7 percent on average annually since 1998, according to Transwestern research affiliate Delta Associates.
Click here for a video tour of the property.
Transwestern is a privately held real estate firm of collaborative entrepreneurs whodeliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Mid-Atlantic region, follow @TranswesternDC.