RICHMOND, VA — Northmarq’s Richmond multifamily investment sales team of Wink Ewing, Mike Marshall and Matt Straughan in collaboration with the Richmond debt & equity team of Keith Wells, Reina Abboud and Hunter Wood, brokered the $34.25 million sale and financing of Timber Ridge Townhomes. Northmarq represented the seller, CAPREIT, while originating the debt for the buyer, Linden Property Group, through its relationship with a regional bank.
“We had an overwhelming amount of interest in this property, due to its location in a bedroom community of D.C., and the affordability component. There was a waiting list for new leases and VHDA had recently raised the rent caps approximately 12 percent, so there was a lot of room to continue to grow revenue. The asset is in pristine condition and the transaction was extremely smooth,” said Ewing.
The 147-unit/21-building LIHTC/Affordable housing property (built in 1999) is located at 3500 Goldenfield Lane in Fredericksburg. Timber Ridge Townhomes provides a tranquil atmosphere in an ideal location in Fredericksburg. It is nestled away in a country-like setting but only minutes away to premier shopping and dining. Residents enjoy easy access to I-95, meaning a shorter drive for those who work and play in Washington, DC. The property is also only minutes away from the Virginia Railway Express, offering another convenient commuting option.
The property is only 9.1 miles from the University of Mary Washington and Central Park while being within 4 miles of two additional shopping centers, Cosner’s Corner and Southpoint. Spotsylvania Regional Medical Center (2.9 Miles) is just down the road and recreational/outdoor opportunities also abound with the nearby Green Springs (10.3 miles), and Fredericksburg and Spotsylvania National Military Park (13.5 miles)
Community amenities include: Wifi at pool and clubhouse, property manager on site, pet play area, business center, fitness center, and pool. Apartment amenities include: In-unit washer/dryer, air conditioning, heating, ceiling fans, cable ready, tub/shower, dishwasher, disposal, kitchen, oven, refrigerator, freezer, carpet, tile floors, walk-in closets, window coverings, and patio.