Wegmans-Adjacent Fairfax Apartment Community Trades For $134M
A 17-acre apartment community across the street from the Wegmans grocery store in Fairfax has sold for nine figures.
A CBRE Global Investors subsidiary bought the Finley at Fairfax Corner apartments for $133.5M from a subsidiary of Crow Holdings, according to property records and the Reonomy database.
The 460-unit, Class-A multifamily property sits just off Lee Highway at 4457 Oakdale Crescent Court in Fairfax. It is across the street from a Wegmans and roughly 2 miles from the Fair Oaks Mall.
Recently rebranded as Finley at Fairfax Corner, the community has previously been named Edge at Fairfax Corner and Monument Park. Built in 2001, it includes one-, two- and- three-bedroom units averaging 1,014 SF. It currently has one-bedrooms starting at $1,435/month, two-bedrooms starting at $1,806/month and three-bedrooms starting at $2,190/month, according to its website.
The property features amenities such as a clubhouse, a swimming pool, a fitness center, a business center, a pub room, a media center and a grilling and picnic area.
Crow Holdings, one of several real estate companies affiliated with the Trammell Crow family, bought the property in January 2013 for $124M, property records show. It received $86.8M in acquisition financing from TIAA-CREF, which matures in 2021.
CBRE Global Investors is based in Los Angeles, but the entity that acquired the Fairfax property is linked to its Boston office. In December, it closed on a deal to acquire the Warner Building in D.C. for $380M. It also bought a Bethesda mixed-use complex in January 2018.
