Industries Commercial Real Estate

D.C.-area investment group buys Charlottesville condos for $13.8 million in short sale

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The Goldstar Group of Bethesda, Md., purchased 265 rental condominium flats and townhomes at Barracks West in Charlottesville for $13.3 million, or $50,000 per unit, in an off-market short sale.
Located about a mile and half from U. Va’s business and law schools, the units were placed in receivership by SunTrust Bank in late 2011 after the previous owner defaulted on a $22 million loan.

Goldstar said in a press release that it plans to invest $4.5 million in capital improvements. The company will enhance common areas, building exteriors, parking lots, landscaping and the clubhouse. The Donaldson Group of Rockville, Md., will manage the property.

Originally developed in 1969, Barracks West has 34 buildings on more than 19 acres. Before being converted into a condominium community in 2007, it also included efficiencies, apartments and townhomes.

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