Four Mile Capital Expands VA Footprint
The firm purchased a two-property portfolio totaling 234 units and plans a capital improvement plan to upgrade interior units and amenity spaces.
Salem View
Four Mile Capital has acquired a multifamily portfolio comprising two communities in Roanoke, Va., for $13.9 million. Greenbrier Management will handle management for the two properties.
Located at 5204 Lancelot Lane, the 174-unit Northridge Village was built in 1972 and encompasses 192,786 square feet. The community offers two- and three-bedroom floorplans ranging from 954 to 1,312 square feet. Apartment features include fully equipped kitchens, private balcony/patios, air conditioning and washer/dryer hookups. Residents have access to property amenities such as a swimming pool, a basketball court, a nearby playground, on-site management and 24-hour emergency maintenance. The pet-friendly community is located within minutes to Interstate 81, 581 and downtown.
Situated at 3836 Panorama Ave. N.W., the 60-unit Salem View was built in 1974 and comprises 48,400 square feet. The asset offers two- and three-bedroom floorplans ranging from 757 to 922 square feet. Interior features include fully equipped kitchens, energy efficient heat pumps, stackable washer/dryers and insulated double pane windows. Common area amenities of the pet-friendly property include laundry facilities in each building, a playground, a nearby skate park and 24-hour emergency maintenance.
Solid investment
“Roanoke is a stable market with strong fundamentals, and these properties fit perfectly within our growth strategy of acquiring value-add workforce housing in select secondary and tertiary markets,” said Eric Mallon, principal, Four Mile Capital, in a prepared statement. “What’s more, our going-in basis allows us to generate attractive yields for our investors that we can’t find many other places.”
The firm plans on investing around $1.4 million on cosmetic renovations to the interior units, as well as amenities such as the clubhouse and pool area. Four Mile Capital took out two separate 73 percent LTV Fannie Mae fixed-rate mortgages at 4.5 percent as part of the purchase.
Image via Google Street View
