Linden Property Group Acquires Virginia Asset
CAPREIT sold the townhome development near Washington, D.C., for $34.3 million.
Timber Ridge Townhomes. Image courtesy of Northmarq
Linden Property Group has purchased a multifamily community in Fredericksburg, Va., for $34.3 million. Sold by CAPREIT, Timber Ridge Townhomes is a 147-unit asset across 21 buildings.
Northmarq brokered the sale and financing of the asset, representing the seller as well as originating debt for the buyer.
Situated at 3500 Goldenfield Lane, Timber Ridge Townhomes are partially affordable. Originally completed in 1999, the community is in proximity to Washington, D.C., via Interstate 95. The Virginia Railway Express, offering greater access to the District, is nearby.
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In prepared remarks, Wink Ewing, with Northmarq’s Richmond multifamily investment sales team, said that due to the community’s accessibility to D.C., as well as its affordability, the property has had lots of interest. The development also recently saw its rent caps raised some 12 percent.
The two- and three-bedroom townhomes have a waiting list for new leases. Community amenities include a pool, clubhouse, pet area, fitness center and business center. Individual units feature a washer and dryer, dishwasher, patio and walk-in closets.
Residents are close to shopping, dining and entertainment options. Cosner’s Corner and Southpoint, two shopping centers, are within 4 miles of Timber Ridge Townhomes. Some 9 miles away is the University of Mary Washington and Central Park with green space. Within 3 miles is the Spotsylvania Regional Medical Center. Residents have access to green space at the nearby Green Springs and the Fredericksburg and Spotsylvania National Military Park.
Wing Ewing along with Mike Marshall and Matt Straughan with Northmarq’s Richmond multifamily investment sales team worked alongside the debt and equity team consisting of Keith Wells, Reina Abboud and Hunter Wood to complete the deal.
Recently in Fredericksburg, Bonaventure began construction on a luxury housing project, as part of an investment in Virginia luxury real estate. Palmers Creek is anticipated to complete in 2024, delivering 200 new units to the community.
