Source: Lincoln Property Company / #Apartments #Multifamily
DALLAS, TX - Lincoln Property Company, the nation's second largest multi-family manager, announced its acquisition of Huguenot Apartments in North Chesterfield, VA. The 296 unit community was acquired in a joint venture with Ritz Banc Group, a private equity and alternative asset manager firm based in Washington, D.C.
Built in the 70s, this community will undergo major interior and exterior renovations as well as a marketing rebranding effort after renovations take place.
"We are going to renovate 100% of unit interiors over a two to three year period, renovate and expand the clubhouse, as well as add a new fitness center and cyber cafe which have not previously been offered," said Wendy Austin, AVP of the Mid-Atlantic region.
External changes will include new siding, as well as entry way and landscape enhancements to improve the overall curb appeal. The community, within walking distance of Chesterfield Towne Center, "is located in a wonderful sub-market of Chesterfield County surrounded by newer A and A+ construction," Austin added.
Lincoln is actively seeking older value-add acquisitions ripe for updating across the country, especially in the Mid-Atlantic region. Ted Egner, Director of Acquisitions and Development, stated, "Lincoln has such a deep and experienced team to execute the re-positioning and renovation of older apartment communities. Being in business for 50 years with offices across the country, there are few sponsors with a better track record or greater market coverage than Lincoln. We are eager to partner with our existing clients and foster new relationships in the value-add investment arena."