Industries Commercial Real Estate

Ridgewood apartments in Fairfax sell for $82.5 million

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In one of the biggest apartment sale deals of the year in Northern Virginia, Boston’s GID Apartments has purchased the Ridgewood apartments in Fairfax for $82.5 million, or about $282,500 per unit, according to the Washington Business Journal. GID reported last month that it had acquired the 292-unit property. It’s located in the heart of Fairfax Center at the center of several major intersections.  Built in 2010, it’s also close to Fairfax Corner, a 350,000-square-foot mixed use center that’s home to many restaurants and a 14-screen theatre.

Bill Chiasson, vice president of real estate acquisitions for GID, said in a statement that Northern Virginia and Fairfax County continue to be high on its list of target markets, because of the area’s demographic profile and limited development pipeline. 

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