There have been news left and right of how previous homeowners are slowly turning into renters. The recent sale of a multi-family housing community provides another proof behind the truth of that news.

The Courts at Fair Oaks, formerly known as The Point at Fairfax, is a 364-unit luxury multi-housing community in Fairfax, Virginia. Its sale has been closed recently by the Washington, D.C. office of Holiday Fenoglio Fowler (HFF) in behalf of seller Panco Strategic Real Estate Fund I, an affiliate of Pantzer Properties, Inc. HFF’s investment sales team was led by managing directors Dave Nachison and Alan Davis and senior real estate analyst Brenden Flood in making the sale.

Home Properties of New York, Inc. was the one who purchased The Oaks for $70.1 million. The price is under the assumption of an existing $46 million fixed-rate mortgage.

Located at 12101 Pine Forest Circle, The Courts is close to the Fairfax County Government Center, Fairfax Corner, and Fair Oaks Mall and also approximately 18 miles west of downtown Washington, D.C. The 364 units vary from studio and one- and two-bedroom units, with each averaging 859 square feet each. This 95.1% leased property offers different amenities such as tennis courts, swimming pool, exercise trail, fitness center, community center, and onsite car wash facilities.

Nachison says of the sale, “Northern Virginia continues to consistently lead the DC metro area in job creation and is projected to capture nearly 60 percent of all new jobs in the region over the next five years, providing a stable renter pool for years to come. Strong apartment performance includes the nation’s lowest vacancy and widespread expectation for continued rent growth.”

“The Courts at Fairfax has consistently experienced market leading occupancy and rent growth and with the continued improvements planned by Home Properties, this trend should continue well into the future,” furthers David.