TGM Associates has acquired its second community in Manassas, Va., a 402-unit property formerly known as Rosemary Ridge, from Clark Realty Capital. An HFF investment advisory team marketed the property on behalf of the seller. According to Yardi Matrix, the property is subject to a $44.2 million HUD loan originated by Prudential Financial and due 2051.
TGM Ridge is located at 10901 Wild Ginger Circle, in an area surrounded by retail, restaurants and major thoroughfares Interstate 66 and Route 234. The 544,064-square-foot community comprises 148 one-bedroom and 254 two-bedroom units, ranging in size from 1,411 to 842 square feet. According to Yardi Matrix, the property is 96 percent occupied as of January, while monthly rents average $1,537. Common-area amenities include a swimming pool with sundeck, fireplace, outdoor TV lounge, grill area, dog park, business center, fitness center and clubhouse.
Constructed in two phases, between 2004 and 2007, TGM Ridge will benefit from a renovation program planned by the new owner. All units will receive new kitchen cabinets, countertops, appliances, flooring, lighting and hardware fixtures. The current amenity package will receive a facelift as well, in the form of new equipment and furniture, along with repairs.
“TGM Ridge presents a great opportunity to expand TGM’s footprint in the Northern Virginia region, which has strong market fundamentals driving renter demand. The property has convenient access to several major employment hubs that are experiencing sizeable growth. The floorplans are large and feature unique layouts that serve as a key differentiator compared to nearby properties,” said Zach Goldman, managing principal & director of operations for TGM, in a prepared statement.
Photo courtesy of TGM Associates