An apartment complex in Leesburg has sold for $5.15 million.
Bentley Villas, a two-story, 48-unit apartment property located at 1175 Bentley Road, was sold by Bentley Apartments LLC to RJC Bentley Villas LLC. Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, had the exclusive listing to market the property.
“The Bentley Villas sale is further confirmation of the huge demand we are seeing from investors looking to purchase workforce housing throughout the state. The buyer not only paid a record-breaking price per unit for Leesburg, but they also had to assume the seller’s low leverage Freddie Mac loan,” said Jason Hague, Marcus & Millichap’s first vice president investments. “For investors familiar with this process, they understand these agency assumptions are a long and drawn-out process that can take months to complete. Ultimately the buyer was bullish on the immediate submarket and felt the rental upside and future property appreciation was worth the long wait.”
The property was recently remodeled to include granite countertops, new tile flooring, new appliances, additional washer/dryers in the onsite laundry room and new light fixtures.
