Kendalwood Apartments in Fredericksburg sold for $13.2 million

Kendalwood Apartments in Fredericksburg sold last month for $13,175,000, according to city deeds. That’s very near the property’s assessed value. The 12.7-acre complex is located on Kings Mill Court off U.S. 1 near the Spotsylvania County line. The buyer is listed as CIA-Kendalwood LLC. The registered agent for the LLC is out of Alexandria. The seller is GA Kendalwood LLC, which appears to be affiliated with Principal Real Estate Investors. GA Kendalwood is listed as buying the property in April from Fairfield Cedar Ridge LLC for $11.5 million, so it was a quick turnaround for that group. I am trying to track down more details and will provide them as I get them.

This is at least the third multi-million-dollar apartment deal in the Fredericksburg area this summer. Click here for details of two others. I have read a number of reports saying the apartment market is starting to stabilize as more people look to rent rather than buy, and as growing confidence in the economy leads to leases being signed.

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