Pradeium Group and CAPREIT acquire multi-family property for $19.3 million
- April 11, 2012
The Praedium Group, a New York City-based national real estate investment firm, and CAPREIT Inc., a multifamily ownership and management company in Rockville, Md., acquired a new, 103-unit property in Potomac Falls for $19.3 million.
Commons on Potomac Square consists of two, four-story multifamily buildings located at the intersection of Leesburg Pike and Cascades Parkway in Potomac Falls in Loudoun County. Originally built as a condominium in 2011, Commons on Potomac Square will be operated as a rental property offering six floor plans of one and two-bedroom homes with an average size of 965 square feet.
“Commons on Potomac Square is a highly desirable property, given its attractive location in the Loudoun County rental submarket and its condominium-quality finishes,” Christopher Hughes, principal of The Praedium Group, said in a statement.
C. Haze McCrary of Broad Street Realty, LLC represented the seller, Comstock Homebuilding Cos., in the negotiations while Jim Gulley of Jim Gulley Ltd. advised the buyers.