Fairfield Residential buys transit-oriented apartment community in Northern Virginia

Fairfield Residential has paid $141 million for the Atley on the Greenway, a 496-unit, transit-oriented apartment community in the Washington, D.C.-area community of Ashburn, Va.

The seller was Northwestern Mutual.

Atley on the Greenway is located at 21827 High Rock Terrace in Northern Virginia’s affluent and amenity-rich Loudoun County submarket. Completed in 2014, the property benefits from visibility along the Dulles Greenway (Route 267) and is less than a mile from the new Ashburn Metro Station (Silver Line). The property features a variety of one-, two- and three-bedroom units averaging 1,001 square feet, 40 of which are designated as affordable. Community amenities include two swimming pools, an outdoor fireside lounge, poolside barbeque and picnic areas; a children’s playground, 24-hour fitness center, multi-station business center; and an indoor social lounge with fireplace, TV lounge, gourmet demonstration kitchen and dining area. Since completion, the property has experienced an occupancy rate above 96 percent.