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Ritz Banc Group acquired Pine Plaza and Wright Apartments communities in Winchester, VA for a collective $24 million.

Ritz Banc Group Cheeses on $24M Spread of Winchester Apartment Portfolio

Ritz Banc Group has completed its acquisition of Pine Plaza and Wright Apartments, a 195-unit apartment portfolio located in Winchester, VA. The assets sold for a combined total of $24 million, or $123,077 per unit at a blended cap rate of 4.23% based on trailing-12-month financials.

Marty Zupancic, Dennis Cravedi, Nick Murray, and Eric Jentoft-Herr of Marcus & Millichap represented the seller, Outlier Realty Capital, and procured the buyer.

“The demand for value-add multifamily assets in the Winchester submarket and greater I-81 corridor remain strong, with solid fundamentals creating the foundation for this transaction,” said Zupancic.

Pine Plaza was built in 1955 and renovated in 1990. The property is located at 2237 Taft Circle and features 136 units. The asset sold for $17,280,000 or $127,059 per unit.

Wright Apartments was built in 1971 and is located at 1002-1058 Woodstock Lane and features 59 units. The asset sold for $6,720,000 or $113,898 per unit.


Inside The Story

Marcus & Millichap's Zupancic

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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