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Riverwalk at Salem

Cushman & Wakefield Arranges the sale of a $50M Multifamily Portfolio in Western Virginia

ROANOKE & LYNCHBURG, VIRGINIA: – Cushman & Wakefield arranged the $50M sale of a five apartment community portfolio located in Western Virginia.  
The Cushman & Wakefield team of Jorge Rosa, Anthony Liberto, Marc Robinson and Clay Taylor (Cushman & Wakefield | Thalhimer) represented both the seller, Langley Apartments, and buyer, Woodrock Property Group, in the transaction.
“Multifamily continues to be an outperformer during the COVID-19 pandemic with significant capital looking to invest in the asset class,” said Jorge Rosa, executive director at Cushman & Wakefield. “Overall interest and engagement for The Langley Central Virginia Portfolio was as strong as we’ve seen in these markets and a great example of the larger trend of investment capital flowing into multifamily.”
The properties will be repositioned in 2021 using interior renovation strategies. The assets were well maintained with significant capital recently invested in building systems and exteriors leaving the majority of investment capital to be focused on income producing renovations.
The buildings are located at 2 Timber Ct., Lynchburg, VA, 2935 Rivermont Ave., Lynchburg, VA, 2404 Tate Springs Rd., Lynchburg, VA, 4715 Boonsboro Rd., Lynchburg, VA and 1650 Lancing Dr., Salem, VA. 

 

Written on January 21, 2021