VA Community Trades for $8M
- Jan 08, 2018
Aria Legacy Group (ALG) has acquired Maple Ridge Apartments in Lynchburg, Va. from Virginia Housing Development Authority, for $8.5 million. The purchase represents the company’s first multifamily acquisition in Virginia.
The garden-style community is located at 600-601 Reusens Road in the historic city of Lynchburg and features 152 units. The property is in close proximity to downtown, healthcare facilities, universities, restaurants and shops, while providing easy access to Route 29 and the Lynchburg Expressway 501.
Maple Ridge Apartments was built in 1981 and features one-, two- and three-bedroom apartments with fully equipped kitchens, fireplaces and balconies or patios. The asset has been renovated prior to the acquisition, including upgrades to the main lobby, auxiliary entrances, fitness center and common corridors, and new landscaping.
“We are excited to make our first investment in the historic city of Lynchburg,” said Joe Novoseller, managing principal of ALG, in prepared remarks. “The city, especially its downtown area, with its dynamic and walkable commercial areas is attractive to college students and young professionals.”
- on-site laundry
- fitness center
- swimming pool
- picnic area
- basketball court
- tennis court
Adelle Ross of Eastern Union Funding arranged acquisition financing through Greystone. Less than a month ago, Greystone also provided a $36 million bridge loan for the acquisition of Parkside Place in Texas.
Image courtesy of Aria Legacy Group