4408 Oak Creek Ct, Fairfax, VA, 22033-4201, US

Arbos at Fair Lakes

Asset Description

1987 vintage, 282-unit property located in the heart of Fairfax, Virginia. The Property features 62 unrenovated units (22% of unit mix) and 220 previously upgraded units (78% of unit mix, completed predominantly between 2014-2017). Arbors at Fair Lakes presents the opportunity for a comprehensive renovation strategy and possesses immense achievable upside and value-add potential through in-unit, common area, and amenity renovations. Current in-place rents are ~20% below newer vintage, market-leading competition, providing for substantial headroom for rental rate growth.

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Attributes

Number of units

282 units

Occupancy

97.00%

Year built

1987

Building area Net

23,596 m²

Land area net

8.48 ha (84,782 m²)

Media

Investment Highlights

Premier Northern Virginia Location with Significant Value-Add Upside
Strong Historical & Current Property Performance: 9.5% Growth on Last 20 New Leases, 7.9% Growth on Last 20 Renewals
Strategically Positioned in the Epicenter of NoVa’s Employment Hubs
Highly Amenitized Micromarket Surrounded by 5.3 MSF of Retail