Chandler Management has picked a two apartment portfolio totaling 676 units in Fredericksburg, Va for a combined $100.5 million. The first asset, Madison England Run, is located at 101 Knights Court and features 476 units, two swimming pools and 960 parking stalls. The second purchase, Madison Falls Run is located at 2500 Green Tree Road and boast 200 units, a fitness center, a swimming pool and 300 parking spaces. The communities are located roughly one mile from each other along the Route 12 corridor in Stafford County. The seller, Equus Capital Partners, purchased both properties in 2012 for a total of $74.3 million. ARA’s Executive Managing Directors Drew White and Mike Marshall represented the seller in the transaction.
“Investor demand for well-maintained and professionally managed apartment communities remains robust. Increasingly, we see investors’ appetites turn towards suburban assets in locations exhibiting compelling population and job growth,” said Greg Curci, vice president of Equus.
