Charlottesville-area apartment complex sells for $57M

A 324-unit apartment complex just outside Charlottesville has sold for $56.75 million.

Tysons-based Willow Creek Partners sold the property, Barracks West Townhomes & Apartments, to West End Capital Group, according to a Feb. 14 news release from commercial real estate brokerage KLNB, which arranged the sale. Willow Creek Partners acquired the apartment complex at 255 Saponi Lane in Albemarle County for $44.9 million in 2021.

Washington, D.C.-based West End Capital Group plans to make extensive improvements to the common area amenities and living spaces. The apartment complex features a mix of one-, two- and three-bedroom traditional and townhome-style residences spanning 459 to 1,176 square feet.

“West End is well-positioned to build on the existing foundation and further enhance the community to drive long-term value,” Rawles Wilcox, principal of KLNB’s multifamily capital markets platform, said in a statement.

Barracks West is within a mile of the University of Virginia, 3 miles from Charlottesville’s downtown district and 8 miles from Charlottesville Albemarle Airport. KLNB senior vice president Jared Emery said in a statement that interest in Charlottesville multifamily assets “is at an all-time high.”

“This opportunity attracted offers from groups across the investor spectrum, ranging from family offices and regional firms to large institutions,” Emery said. “This area of Virginia is highly sought after due to its high barriers to entry and strong demographic profile.”

Managing partners Jimmy Barter and Jeff Wainwright founded privately held real estate investment firm West End Capital Group in 2013. It has since acquired more than $500 million of real estate, including over 4,000 apartment units and nearly 1 million square feet of commercial space.

West End Capital Group did not return requests for comment by press time.

KLNB’s Wilcox and Emery coordinated the sale.