EXECUTIVE SUMMARY
Berkadia is pleased to present the sale of The Point at Palisades (the “Property”), a 304-unit residential community in Manassas Park, VA. Less than 3-miles from Olde Town Manassas, the Property is surrounded by grocery stores, retailers, and restaurants. Additionally, the Property is located within walking distance (0.4 miles) of the Manassas Park Virginia Railway Express Station (VRE) and a 10-minute drive from I-66 providing connectivity throughout the greater Washington and Northern Virginia areas. The recently announced Innovation Park, adjacent to the George Mason University’s School of Science and Technology campus, is projected to bring upwards of 2 million SF of non-residential academic and office space. Located within 15 minutes of the Property, Innovation Park is projected to bring nearly 40,000 new jobs to this submarket furthering Northern Virginia’s exponential growth of the science and data center industries. Additionally, Micron Technology Inc., whose 576,000 SF microchip facility in Manassas is just 15-minutes from the Property, has dedicated $150 billion to invest in microchip production over the next ten years and has been preapproved to purchase +18 acres for expansion of their Manassas location.
The Point at Palisades is located in one of the strongest suburban submarkets in the country that persisted strongly through the pandemic (+97% average occupancy) and has one of the strongest outlooks in Northern Virginia 4.25% year-over-year effective rent growth and 97% average occupancy through 2027 (Axiometrics). Additionally, the surrounding market has only seen 336 units deliver since 2020 (Abberly Avera) with no inventory currently under construction or any anticipated construction starts on the horizon. These excellent submarket fundamentals have been realized at the Property which has achieved a 5.4% increase (over $100 per unit) in overall in-place rents over the past 12-months and continues to grow rents at 6.7% in the last 60 days on renewals and new leases.
Further, The Point at Palisades will attract the most accretive debt available in the capital markets. It is especially desirable to Fannie Mae and Freddie Mac due to its high concentration of units exhibiting rental rates that serve tenants with household incomes at 80% of Area Median Income. The ‘Mission Rich’ nature of the Property, as the Agencies would deem it, qualifies prospective purchasers for lower interest rates and enhanced credit parameters.
The Point at Palisades provides a unique core-plus opportunity in a prominent Northern Virginia location poised for future 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 loan brokerage business in Nevada.
© 2023 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 the Tax Credit Syndication group. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.
4445 Willard Ave | Suite 1200 | Chevy Chase, MD 20815
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Opportunity to acquire a 304 unit apartment community built in 2016
in the rapidly growing Manassas Park submarket with exceptional historical performance and additional value-add upside potential.
990 SF
AVERAGE/UNIT
304
UNITS
2016
built
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The Asset
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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
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4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
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© 2023 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is 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. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing
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DEAL HIGHLIGHTS
INDOOR AMENITIES
OUTDOOR AMENITIES
APARTMENT FEATURES
APARTMENT FEATURES
8100 Palisades Circle
Manassas Park, VA 20111
current living area
Potential Renovated Living Area
current kitchen
potential renovated kitchen