As published in GlobeSt.com
WOODBRIDGE, VA—Rolling Brook Village, a 732-unit apartment building in Woodbridge, VA is Ralph Dweck’s latest acquisition in the area. The property traded for $138.5 million or $189,208 per unit, according to public records. The cap rate, a source says, was 5.2% based on 2014’s numbers. GlobeSt.com has also learned the deal was part of a 1031 exchange.
The sellers were The Donaldson Group of Rockville, MD and its equity partner, New York-based Angelo, Gordon & Co. They acquired the property in 2013 for $107.5 million, with plans to invest $5 million in upgrades and renovations. Today it is close to 94% occupied.
To finance the purchase, Dweck Properties took out a $88 million mortgage loan for the garden-style multifamily property, per a little digging by Jay Rickey, who found the data in a CMBS prospective filed by Wells Fargo. Transwestern’s Mid-Atlantic Multifamily Group brokered the acquisition.
Dweck Properties has made a handful of sales and dispositions in recent months, including the sale of Stafford I and II in Arlington, VA; the purchase of an apartment building in Herndon, VA, the purchase of ICON at Dulles Station; the acquisition of North Tract Lofts, a 184-unit apartment building in Arlington, VA, and its purchase of Gramercy at Metropolitan Park in Arlington.