Regions Hampton Roads

Yorktown apartment community sells for $20 million

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Citybizlist in Washington, D.C., reports that PRIP Pines LLC, a subsidiary of Paladin Realty Income Properties Inc., entered into a joint venture with DF Pines of York, LLC, an affiliate of Drucker & Falk LLC, to acquire the Pines of York Apartments in Yorktown for $20 million. The seller was York Associates LP. The acquisition was completed on Nov. 16. PRIP Pines committed to contribute about $5.47 million to acquire a 90 percent interest in the venture, while DF Pines committed to contribute $608,000 to acquire the remaining 10 percent interest. Pines of York is a Class B rental apartment community with 244,840 rentable square feet in 248 units. As of Oct. 31, it was 96 percent occupied. 

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