GID Acquires The Ridgewood in Fairfax, Virginia
January 17, 2012, Boston -
GID announced today that it has acquired The Ridgewood, a 292-unit luxury apartment community in Fairfax, Virginia. The property lies in the heart of Fairfax Center at the confluence of several major thoroughfares and has excellent proximity to a diverse mix of employers. In addition, this location offers residents access to an abundance of shopping, dining, and entertainment options. Fairfax Corner, a mixed-use center five minutes from the property, contains over 350,000 square feet of retail, including eateries such as Ruth’s Chris Steakhouse, P.F. Changs, and Pinkberry as well as a 14 screen movie-theatre. There is also a new Wegman’s (grocery store), less than ½ mile from the property that is considered to be a major amenity for the property’s residents.
The property was built in 2010 and consists of 292 units with an average unit size of 949 square feet wrapped around a five-level concrete parking structure. The unit breakdown consists of 23 studio units (7.9%), 99 one bedroom/one-bath units (33.9%), 153 two-bedroom/two-bath units (52.4%), and 17 three bedroom/two-bath units (5.8%). Apartment amenities include nine-foot ceilings with stainless steel appliances, custom stained cabinetry, faux wood flooring, dishwashers, private balcony/terraces, and full-size washer & dryer units. Community amenities include a fitness center, club room, movie-theater, and a business center. In addition, the community offers two courtyards, a resort-style pool with an outdoor kitchen and barbeque grills.
Bill Chiasson, Vice President of Real Estate Acquisitions for GID commented, “Northern Virginia and Fairfax County, in particular, continue to be high on our list of target markets due primarily to its demographic profile and the limited apartment development pipeline. This property, situated in one of the best locations within Fairfax County, is a well-built, Class-A asset that represents an excellent opportunity to increase our exposure to this market.”