Arbors at Fair Lakes
Update
08/25/23
$85.6M Sale of Northern Virginia Apartment Community Closes
JLL Capital Markets announced today that it closed on the sale of Arbors at Fair Lakes, a 1987-vintage, 282-unit, value-add multi-housing community located in Fairfax, Virginia.
JLL worked on behalf of the seller, Stockbridge, and procured the buyer GID, a real estate owner and fiduciary that invests in multiple asset classes.
Arbors at Fair Lakes provides a premier value-add opportunity with the ability to upgrade unit finishes and amenities. The property features one-, two- and three-bedroom units offering in-unit washers and dryers, fireplaces, private patios and balconies, walk-in closets, deluxe kitchens and an average size of 920 square feet. Community amenities include a 24-hour fitness center, a resort-style swimming pool, a business center, a tennis court with perimeter running track, an outdoor grill/lounge area, a half-mile nature trail throughout the property and more.
Situated at 4408 Oak Creek Court, Arbors at Fair Lakes is surrounded by more than 5.3 million square feet of retail, including Fairfax Towne Center, Fair Oaks Mall and Fair Lakes Center and is within ten minutes of six grocery stores, including Whole Foods and Wegmans. The property is easily accessible to major transportation arteries, such as I-66 and Route 50, which offer unmatched connectivity to the booming employment hubs throughout Northern Virginia and Washington, D.C. Residents are just 20 minutes from Arlington and 20 minutes to D.C. Additionally, the community is positioned in the epicenter of Fairfax, providing convenient proximity to the 650,000 jobs within the county, including the Fairfax County Government Center, INOVA Hospital and George Mason University.
The JLL Capital Markets Investment Sales Advisory team was led by Managing Directors Bret Thompson and Robert Jenkins.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
