For Immediate Release:
Contact: Dan Lagana | email@example.com
New Fairfax County Price Point Reached in Huntington
Sale demonstrates the attractiveness of the Richmond Highway Corridor
Passco, an institutional investment company based in California, purchased The Parker at Huntington Station in September 2017 for $113 million. The Parker was developed by MRP and opened in 2016. It contains 360 multifamily units, which means the per unit sale price was close to $314,000, only the second recent sale in Fairfax County exceeding $300,000 per unit.
In 2016, Passco purchased The Shelby, a 240-unit multifamily building in Penn Daw, approximately one mile from The Parker in Huntington. Insight Development Group built The Shelby and opened it in 2014, then sold it for $70 million, or about $292,000 per unit. “The Richmond Highway Corridor is well-positioned in a time when access to transit and proximity to major jobs centers are critical for economic development,” said Edythe Kelleher, Executive Director of the Southeast Fairfax Development Corporation.
Prior to this fall, the highest recent per unit sale price in Fairfax County was about $295,000 for The ICON at Dulles in Herndon, which sold in late 2016.