Continental Realty Corp. has announced the purchase of Chase Heritage, a 236-unit apartment community in Sterling.

The purchase, costing $42.5 million or approximately $180,000 per unit, was done on behalf of a real estate fund sponsored by an affiliate of the company. This is the fourth transaction completed for the fund in the past 18 months and the second apartment home community the fund has purchased in the Northern Virginia marketplace.

Chase Heritage was built in 1986 and positioned near Dulles International Airport and Dulles Town Center. It offers a variety of one-, two- and three-bedroom apartment options less than a mile from the Dulles Toll Road.
Amenities include a swimming pool, community center and a range of recreational areas.

“Chase Heritage is an excellent addition to our expanding value-add real estate fund as it offers many key fundamentals we desire including a strategic location in a dynamic marketplace, the ability to add value through a capital improvement program, and strong submarket occupancy levels,” Gene Parker, president of Continental Realty Corp. said. “We continue to be impressed with the strength of the Northern Virginia apartment environment, and our research demonstrates long-term viability with the achievement of premium leasing rates for renovated units. The high demand for quality apartment homes in this marketplace, combined with the difficult barriers to entry, are strong reasons why Chase Heritage will be a long-term contributor to the value of this fund.”

Continental Realty Corp. is headquartered in Baltimore and was founded in 1960.

For more information, visit crcrealty.com.