Stockbridge sells Northern Virginia apartment community for $85m

Stockbridge has sold Arbors at Fair Lakes, a 1987-vintage, 282-unit, value-add multi-housing community located in Fairfax, Va. GID is the new owner.

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 10 minutes of six grocery stores, including Whole Food