CBRE Brokers Sale of 244-Unit Affordable VA Community

By Laura Calugar

The Ashton Heights in Roanoke, Va.

CBRE Affordable Housing arranged the sale of Ashton Heights, a 294-unit affordable housing community in Roanoke, Va. A partnership between EBEX Holdings and multifamily owner FriedLam Partners is the new owner of the Tax Credit and Section 8 property. Jeff Kunitz and Alex Medeiros of CBRE Affordable Housing and Charles Wentworth and Peyton Cox of CBRE Richmond organized the deal. Last year, Kunitz also arranged a 4,153-unit affordable housing portfolio sale, heavily concentrated in Maryland.  

Located at 3530 Dona Drive N.W., Ashton Heights is within a 15-minute drive of downtown Roanoke. The unit mix consists of one-, two- and three-bedroom apartments. Each unit has gas hot water, gas range and gas heat with central air, and a laundry facility is also on-site.

With all units kept affordable by a Housing Assistance Program contract and a Low-Income Housing Tax Credit regulatory agreement, the property has had a historical occupancy of more than 96 percent for the past three years. Last renovated in 2005, the property is limited to renters earning below 50 percent of the area median income.

“This was a complicated and multilayered transaction with both LIHTC and Section 8/HAP restrictions on all of the units. CBRE Affordable Housing was able to help us through the steps to make it a successful transaction,” said EBEX Holdings Principal Evan Goldenberg, in prepared remarks. 

Image courtesy of CBRE

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