MANASSAS, VA - CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, announced the acquisition of The Courts at Historic Manassas. The property is a 139-unit apartment community in the storied Manassas neighborhood.
CAPREIT will soon begin updating many of the seven-year-old community's apartment features and amenities to provide a more modern living experience to better fit its walkable, transit-oriented location within the neighborhood. The community sits just west of Grant Avenue on Prince William Street, offering easy access to a variety of retailers and the Virginia Railway Express commuter rail line at Manassas Park Station.
"The Courts at Historic Manassas was an attractive acquisition because it was available for below replacement cost, despite the fact that it is a relatively new asset – something that is very difficult to find in today's market," said Brendan Majev, acquisitions associate for CAPREIT. "We believe the property's downside is very limited because of these two factors. Furthermore, none of the comparable nearby properties have walkable access to downtown Manassas or the commuter rail, therefore this asset's value is likely to increase more than others as growth continues in the immediate area."
Located 32 miles southwest of Washington, D.C., Manassas is rife with historical significance as a key part of the country's Civil War history in the early 1860s. The Manassas Museum, which encapsulates the rich history of the town, is a four-minute walk from The Courts at Historic Manassas.
The Courts at Historic Manassas sits in close proximity to a bevy of local and national retailers, including Georgetown South Shopping Center and Wells Fargo Bank. The abundance of restaurant and nightlife options include Old Towne Sports Pub, Philadelphia Tavern, Okra's, Carmelo's and Foster's Grille. The multipurpose Harris Pavilion also is within walking distance. Interstate 66, which offers access to Northern Virginia and Washington, D.C., is located less than eight miles to the north.
The Courts at Historic Manassas features three stories of apartment homes above a ground floor. The community consists of 1- and 2-bedroom apartments, with homes on the larger end surpassing 1,300 square feet. Amenities include a plush lobby, fitness center, garage parking, controlled building access, and on-site storage; a dog park will be added by new ownership. The apartment homes are finished with granite countertops, upmarket appliances and high-speed Internet access.
CAPREIT will soon begin a mild renovation, in which all of the apartments homes will receive new hardware, plumbing, lighting and fixtures. Laminate flooring will be installed in the apartments on the second floor above the amenities.
Including The Courts at Historic Manassas, CAPREIT currently owns and operates nearly 13,000 apartment homes across the nation.