Northmarq’s Investment Sales team completes $39M sale of Independence Place Apartments in Prince George, VA

PRINCE GEORGE, Va. — Northmarq’s Charlotte Investment Sales team led by Ron Corrao, Eric Liebich, Scott Fuller,  Dane Lozier, Matthew Weinstein and Dominic Bologna successfully completed the $39 million sale of Independence Place Apartments, a 230-unit garden apartment community located at 5000 Owens Way in Prince George, Virginia.

Northmarq represented the seller. The buyer was Aspen Oak Capital Partners.

“Independence Place offered a rare combination of assumable HUD financing, strong military-driven demand, and clear value-add potential,” Corrao said. “We are proud to have closed this $39 million sale and congratulate both Aspen Oak and the seller on a successful transaction.”

Built in 2011 and sitting on 13.51 acres, Independence Place features one, two and four bedroom units with a full-sized washer and dryer in all units, laminate kitchen and bathroom countertops, double-basin stainless steel sink, patios/balconies and multi-speed ceiling fans. Fully furnished units are available.

The property includes 11 three-story garden apartment buildings and an additional building that includes the clubhouse and leasing office. Independence Place offers 498 parking spaces, 24/7 fitness center, resort-style pool and sundeck, game room and billiards, gaming stations, sand volleyball court, basketball court, tanning bed, poolside BBQ and grilling area, putting green, resident park and playground, storage units and nine detached garages available.

Independence Place boasts a location within a mile of Fort Gregg-Adams, one of the largest military bases in the country. IT also has close access to Interestate 295 and is roughly 22 miles south of Richmond.