Quad Property Group has acquired Kendalwood, a 170-unit community in Fredericksburg, Va. The previous owner was Capital Investment Advisors, according to Yardi Matrix data. The seller was represented by Senior Managing Director Drew White and Director of Investment Sales Carter Wood of Berkadia.
The property, rebranded as Summit Kings Mill, is located at 214 Kings Mill Court. William Street dining and retail options are nearby. The community is 1 mile from The University of Mary Washington and 10 miles from downtown Fredericksburg, with John Lee Pratt Park nearby.
The community, built in phases, in 1986 and 2012, consists of one-, two- and three-bedroom apartments. Amenities include a swimming pool, clubhouse and fitness center. The new owner is planning to renovate the property, which is slated to include both interior and exterior upgrades.
Located north of Richmond and south of Washington, D.C., alongside the Interstate 95 corridor, Fredericksburg’s multifamily market has 646 units underway or in the planning and permitting stages, Yardi Matrix shows. Just last month, Bonaventure broke ground on the luxury community Attain at Spotsylvania Towne Centre, a $61.5 million project.