FREDERICKSBURG, VA - CAPREIT, a fully integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, announced the acquisition of Timber Ridge, an affordable apartment community in northern Virginia.
The community, which features 184 townhome-style homes, is situated just north of State Route 17 and within a short drive of Interstate 95. The latter serves as the gateway to metropolitan Washington, D.C. to the north and Richmond to the south. CAPREIT is implementing upgrades to select interior spaces while preserving the affordability of the community for working-class residents.
"We're thrilled to join the thriving Fredericksburg submarket and deliver a comfortable living experience without the overwhelming price tag, and we believe our upgrades to Timber Ridge will contribute to that cause," said Jay Tucker, acquisitions associate for CAPREIT. "The community is surrounded by a healthy array of employment options and a sizable contingent of retailers, and the prime highway access puts all of that at the fingertips of our residents."
Fredericksburg and the surrounding area continue to grow, as the high-cost D.C. market has pushed working-class citizens and several businesses beyond the edge of the urban core. Within Fredericksburg, residents will be situated nearby the Rappahannock River, the University of Mary Washington and several odes to the city's rich Civil War History, including the four battlefields of Fredericksburg and Spotsylvania National Military Park.
Situated at 3500 Goldenfield Lane, Timber Ridge is a two-story community adjacent to Lee's Hill Golf Club. CAPREIT's upgrades to many homes will include new appliance packages, revamped kitchen cabinets and countertops, and new bath, plumbing and lighting fixtures.
Timber Ridge consists of two- and three-bedroom homes ranging from 1,156 to 1,440 square feet. Apartments are equipped with large floor plans, walk-in closets and full-size in-home washers and dryers. Community amenities include a business center, fitness center, clubhouse, swimming pool, children's playground and laundry facilities.