Quick Stats
Executive Summary
Berkadia is pleased to present the sale of Burke Shire Commons (the “Property”), a 360-unit community built in 1986 in Fairfax County, Virginia. The Property’s prime location, adjacent to the Burke Centre VRE and Amtrak Station, provides residents with seamless access to employment centers and entertainment hubs throughout Northern Virginia and Washington, D.C. Starting in 2014, ownership renovated 341 of the 360 units and is achieving a $300+ premium over the remaining 19 classic units. The Property is poised to capture additional upside on 100% of the units by completing the next generation renovation.
Burke Shire Commons is uniquely situated in a thriving lifestyle submarket with no other apartment buildings within a three-mile radius. The Property features a compelling unit mix, with 64% of the units being two-bedroom or larger. Its robust performance, with a +6% increase in tradeouts/renewals, is further supported by strong submarket projections of 4.28% annual rent growth through 2030 (Axiometrics).
Spanning 22 acres, Burke Shire Commons offers exceptional on-site amenities and is surrounded by numerous natural parks. Burke Shire Commons stands out as the exclusive rental apartment community within the esteemed James W. Robinson Secondary School district. This top-tier Fairfax County school boasts an impressive A rating on Niche, offering residents access to exceptional educational opportunities. The Property is just a 9-minute drive from George Mason University, contributing to a vibrant employment and student demographic with over 4,000 employees. Additionally, it is a 15-minute drive from Fairfax Corner, a retail and dining hotspot featuring establishments like Apple Store and Ruth’s Chris. Residents enjoy seamless access to numerous employment hubs in the surrounding Northern Virginia submarkets via the adjacent VRE and Amtrak Station, as well as direct highway access.
Investment Highlights
High Performing Institutionally Managed Asset
With over $8M+ invested in capital since 2018, Burke Shire Commons is experiencing significant growth, evidenced by robust leasing trends and substantial rent increases. The Property is experiencing strong recent leasing trends, achieving 7.1% rent growth on recent 30 renewals and 5.1% rent growth on recent 30 new leases.
100% of Units Offering Value-Add Upside
The Property offers value-add upside on 100% of the units. Ownership began renovating 341 units in 2014 and is achieving a $300+ premium over the remaining 19 classic units. Burke Shire Commons is ideally positioned to unlock additional premiums with the proposed next-generation renovation, alongside organic rent growth in the submarket.
Unparalleled Connectivity
The Property features direct walking paths to the Burke Centre VRE & Amtrak Station (8-min walk) and Burke Town Center (9-min walk), providing seamless access to local retail like Giant and Starbucks, and excellent connectivity to Northern Virginia and Washington, D.C.
High Growth Submarket
Burke Shire Commons submarket is projected to average 4.28% annual rent growth and 97% occupancy through 2030 (Axiometrics).
Superior Renter Demographics
The Property is located in one of Northern Virginia’s most robust submarkets, featuring an average household income of $160,000, with 60% of residents holding a bachelor’s degree or higher, and a median age of 40 within a 1-mile radius.
Mission-Eligible Asset
Burke Shire Commons rents introduce the possibility for advantageous financing initiatives with 96% of units at 80% or less AMI rents.
Top Tier School District
The Property is located in a top-tier school district, with Fairfax County Public Schools ranking in the top 5% in Virginia. Residents benefit from access to highly rated schools, including Bonnie Brae Elementary School, which boasts an A- rating, and James W. Robinson Secondary School, with an A rating according to Niche.
Zero Supply
Burke Shire Commons is the exclusive rental apartment community in the coveted James W. Robinson Secondary school district, with no new market-rate supply projected in the submarket through 2030.
Compelling Unit Mix –
64% of the Unit Mix is 2 Bed+
LOCATION
1. George Mason University
9-Min
- 4,000+ Employees
- 40,000+ Students
2. Alexandria / Springfield
~20-Min
- 25M+ SF Office
- HUD, NSF, and U.S. PTO’s Headquarters
3. Burke Lake Park
9-Min
- Covers 888 acres, including a 4.6-mile loop trail
4. Bonnie Brae Elementary
4-Min
- A- Niche Rating
5. Herndon / Reston
~25-Min
- 34M+ SF Office
- Fannie Mae, Volkswagen, and SAIC’s Headquarters
6. Fairfax Corner
15-Min
- 1.2M+ SF Retail & Office
- Apple, Ruth’s Chris, and REI
7. NOVA Community College – Annadale
14-Min
- 2,500+ Employees
- 18,000+ Students
8. James W. Robinson Secondary School
5-Min
- A Niche Rating
9. Tysons
~20-Min
- 31M+ SF Office
- Capital One, Freddie Mac, and Hilton Headquarters
10. Old Keene Mill Shopping Center
10-Min
- Trader Joe’s
11. Burke Centre VRE & Amtrak
8-Min
- 11,668 Average Daily VRE Ridership
12. Fair Oaks Mall
18-Min
- 1.5M+ SF
- Sephora, H&M, and Williams Sonoma
13. Burke Town Center
9-Min
- Giant, Starbucks, and Jersey Mikes
- Walking trail directly connects the Property to the town center
- Kaiser Permanente 72K SF Medical Center
14. Pickett Shopping Center
12-Min
- Trader Joes, First Watch, and Orangetheory Fitness
Photo Gallery
Contact
Office
DC Metro
4445 Willard Ave., Suite 1200
Chevy Chase, MD 20815
Investment Sales
Brian Crivella
Senior Managing Director
301.580.6685
[email protected]
Yalda Ghamarian
Managing Director
240.462.2332
[email protected]
Bill Gribbin
Managing Director
301.580.6486
[email protected]
Jack Canepa
Associate Director
301.941.4629
[email protected]
Mortgage Banking
Patrick McGlohn
Senior Managing Director
301.941.4610
[email protected]
Brian Gould
Managing Director
301.941.4616
[email protected]
5812 Chase Commons Ct | Burke, VA 22015
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