Executive Summary
Berkadia is pleased to present the sale of The Manassas Station Apartments (the “Properties”), a 244-unit community consisting of two assets in Manassas, Virginia. Manassas Station East, 105 units built in 2017, and Manassas Station West, 139 units built in two phases in 2009 and 2012, offer an ideal opportunity for future ownership to take advantage of the exceptional recent and projected rent growth in the submarket, while also capitalizing on a value-add program to maximize rental revenue.
Embedded in Old Town Manassas, the Property is walkable to retailers, grocery stores, restaurants, and the charm of the historical downtown. The Property is also situated adjacent to the Virginia Railway Express station (VRE) and a 10-minute drive to I-66, providing seamless access throughout the greater Washington, DC and Northern Virginia areas. George Mason’s Innovation Park (Q4 2024 Phase I delivery) will bring upwards of 2 million SF of non-residential academic and office space, nearly 40,000 new technology and STEM jobs, and furthering Northern Virginia’s positioning as a hub for STEM employment. Micron Technology, whose 576,000 SF microchip facility is just 10-minutes from the Property, has dedicated $150 billion to invest in microchip production over the next ten years and has been preapproved to purchase an additional 18+ acres for their Manassas expansion.
These positive employment drivers are reflected in the submarket as Manassas Park is one of the strongest submarkets in the region with 4.34% year-over-year projected effective rent growth and 97% average occupancy through 2029 (Axiometrics). Additionally, the submarket has only seen 336 units deliver since 2020 with no inventory currently under construction or any anticipated construction starts. Across the community, last 30 days leasing is up 8.2% over the in-place average and last 90 days is up 8.1% over the in-place average.
Manassas Station provides a unique core-plus opportunity in a region-leading submarket poised for continued rent and job growth.
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
4445 Willard Ave | Suite 1200 | Chevy Chase, MD 20815
BRIAN CRIVELLA
Senior Managing Director
301.580.6685
brian.crivella@berkadia.com
YALDA GHAMARIAN
Senior Director
240.462.2332
yalda.ghamarian@berkadia.com
BILL GRIBBIN
Senior Director
301.580.6486
bill.gribbin@berkadia.com
INVESTMENT SALES
DC METRO
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
CONTACT US
Investment Highlights
Manassas Station’s submarket is projected to average 4.34% rent growth and 97% occupancy through 2029 (Axiometrics).
2017
manassas
station east
Club and Entertainment Room
Outdoor firepit and lounge area
Business Center with Work Stations
Spacious Fitness Center
Dog Park and Grilling Station
Modern Stainless Appliances
Granite Countertops
Vinyl Flooring throughout Kitchen and Living Room, Carpeted Bedrooms
Classic style
espresso cabinetry
Spacious Floorplans
with 9’ Ceilings
Full sized washer/dryer
Private Balconies*
manassas station east
in-unit features
The Opportunity
The Asset
Amenities
Contact
Doc Center
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The Opportunity
The Asset
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9004 & 9205 Prince William St, manassas, va 20110
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
4445 Willard Ave | Suite 1200 | Chevy Chase, MD 20815
BRIAN CRIVELLA
Senior Managing Director
301.580.6685
brian.crivella@berkadia.com
YALDA GHAMARIAN
Senior Director
240.462.2332
yalda.ghamarian@berkadia.com
BILL GRIBBIN
Senior Director
301.580.6486
bill.gribbin@berkadia.com
INVESTMENT SALES
DC METRO
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
CONTACT US
manassas station east
community amenities
Ultra-High
Growth Submarket
Manassas Station is in a submarket with only 336 units delivered since 2019 (Abberly Avera). Additionally, the submarket has no future deliveries planned or under construction.
Zero Future
Planned Deliveries
The Properties have seen incredibly strong trade out trends achieving 8.2% increase over the last 30 days and an 8.1% increase over the last 90 days.
Strong Property
Performance
2009/2012
manassas
station west
244
total units
105 east / 139 west
969
average sf
915 sf east
1,010 sf west
96%
current
occupancy
Adjacent to
manassas station vre
Manassas Station is being offered below replacement cost in a submarket with exploding land values due to data center development, making future multifamily development more difficult and cost prohibitive.
Below Replacement Cost in Data
Center Alley
Just a 4-minute walk to the Virginia Railway Express station and a short drive to I-66 and the Manassas Amtrak Station, residents are seamlessly connected throughout the DC Metro area.
Ideal
Connectivity
Embedded in Old Town Manassas and touting an 84 Walk Score, residents are walkable to the local shops, restaurants, and events of the historic and charming Downtown area.
Walkable to Major Retail and Recreation Destination
Potential to execute a targeted value-add program and unlock further rental upside on 100% of units and achieve additional submarket premium of $350+ per unit.
Value-Add
Potential
Manassas Station’s rents introduce the possibility for advantageous financing initiatives with 97% of units at 80% or less AMI rents.
Mission-Eligible
Asset
*Select Units
In-Place Unit Interiors
(100% of Units)
Potential Renovation Scope
(100% of Units)
Quartz Countertops
Wood-Style Flooring Throughout
Install Subway Tile Backsplash
Paint Cabinet Fronts and
Modernize Pulls
Smart Thermostats
Black Appliances
Granite Countertops
Vinyl Flooring throughout Living Area
Carpeted Bedrooms
Classic Style Cabinetry
9’ Ceilings and Spacious Floorplans
Full Sized Washer/Dryer
Modern Stainless-Steel Appliances
Quartz Countertops
Wood Style Flooring Throughout
Upgrade Bathroom Fixtures
Paint Cabinet Fronts and
Modernize Pulls
Install Subway Tile Backsplash
manassas station west
in-unit features
In-Place Unit Interiors
Potential Renovation Scope
Spacious Club and
Entertainment Room
Community Lounge Areas
Business Center with Work Stations
Spacious and Modern
Fitness Center
Dog Park and Outdoor Courtyard
manassas station west
community amenities
east
west
