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Bill Freehling is a business writer for The Free Lance-Star and This blog is on Fredericksburg-area business. Send an e-mail to Bill Freehling.

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Maryland firm under contract to buy Belmont complex

An affiliate of a Rockville, Md.-based real estate investment company is under contract to purchase The Residences at Belmont apartment community in Fredericksburg.

A CAPREIT affiliate submitted the winning bid during an auction held last week for the 300-unit complex off Cowan Boulevard. The winning bid was reportedly $33.8 million, though company officials have not confirmed that price.

CAPREIT President Dick Kadish said in an email that a “substantial” exterior and interior renovation at Belmont is planned after the deal closes, which should occur by June 1.

“We believe that the property has a good location and could be substantially improved when renovated,” Kadish wrote in an email.

The Belmont complex went into foreclosure in late 2009.