ASHBURN, VA - Security Properties has acquired the 168-unit Grove at Flynn's Crossing located in Ashburn, VA for $31.0 million.
The property, located at 21892 Blossom Hill Terrace, consists of affordable apartments for individuals and families earning up to 60 percent of area median income. The property is the 1st acquisition by Security Properties in the Northern Virginia – Washington DC area.
Built in 1999, the Grove at Flynn's Crossing is a garden-style apartment community that offers residents convenient access to major business, retail, and entertainment hubs throughout Ashburn and Loudon County. The Metrorail's Silver Line Phase 2 expansion includes a new station less than three blocks from the property allowing residents easy, walkable access to rail transit serving Reston, Tyson's Corner, and Washington DC.
The property contains a mix of one, two and three-bedroom apartments and includes washer and dryer hookups in each unit, a fitness center, clubhouse, pool, and playground.
Bryon Gongaware, Managing Director of Affordable Housing for Security Properties noted: "This was a strategic acquisition for the company, as we plan this to be the first of many acquisitions in the Northern Virginia/Washington DC market." In addition, Security Properties will invest capital for improvements to both the interior and exterior of the property.
Sellers were represented by Jeff Kunitz and Brandon Grisham of the Tax Credit Group of Marcus and Millichap. The key to the acquisition was utilizing new Fannie Mae debt financing sourced through Tim Leonhard with Oak Grove Capital.
For more than 40 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Security Properties has acquired or developed over 66,500 residential units at a cost of over $3.35 billion. Security Properties maintains a focused multifamily strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists.