NOVO Properties Announces New Fairfax, VA Acquisition
Washington, DC – May 2018
NOVO Properties (NOVO) is pleased to announce the acquisition of 10805 Harvey Drive, a 60-unit multi-family property in Fairfax, Virginia.
10805 Harvey Drive (Cardinal Court) was acquired in March 2018 with the intent of renovating the apartments and common areas. Cardinal Court is located in the heart of Fairfax with direct access to major traffic arteries such as Rt. 50, Rt. 29, Rt. 123 and I-66 and offers transit access to George Mason University and the Vienna Metro Station.
“NOVO has been interested in the Fairfax submarket for years, and Cardinal Court fits perfectly in our wheelhouse where we can drive significant value through a renovation program and through our own property management platform. We look forward to making property-wide improvements that will not only benefit the existing families that live there, but also attract new residents to the community. Additionally, from an investment perspective, Northern Virginia is unencumbered by burdensome landlord-tenant regulations experienced in other jurisdictions allowing NOVO the flexibility to implement such a value-add strategy,” said Neil Goradia, Partner at NOVO
The acquisition is the sixth DC-area multi-family asset NOVO has purchased since 2016. NOVO has developed a positive reputation for renovating and repositioning existing multi-family assets, creating value for its partners.
For more information about this acquisition, please contact NOVO Properties’ at (202) 315-1115, or visit the NOVO Properties website at www.LiveNovo.com.
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NOVO Properties is a multi-family owner, developer and property management company headquartered on Capitol Hill in Washington, DC. NOVO currently owns and manages a portfolio of approximately 2,000 apartment units and development land throughout Washington, DC, Fairfax, Bethesda, Chicago, Charleston and Maryland’s Eastern Shore.