Northmarq Arranges $34.3M Sale of Affordable Housing Community in Fredericksburg, Virginia
FREDERICKSBURG, VA. — Northmarq has arranged the $34.3 million sale of Timber Ridge Townhomes, a 147-unit affordable housing community located at 3500 Goldenfield Lane in Fredericksburg, a town equidistant between Richmond and Washington, D.C. Northmarq’s Richmond investment sales team of Wink Ewing, Mike Marshall and Matt Straughan represented the seller, CAPREIT, in the transaction. The firm’s Richmond debt placement team of Keith Wells, Reina Abboud and Hunter Wood originated an undisclosed amount of acquisition financing for the buyer, Linden Property Group, through an unnamed regional bank.
Built in 1999, Timber Ridge is a LIHTC community that comprises 21 apartment buildings. The property had a waiting list at the time of sale, and the Virginia Housing Development Authority recently raised rent caps at the property by 12 percent, according to Northmarq. Community amenities include onsite property management, a pet play area, business center, fitness center and a pool, with Wi-Fi access available at the clubhouse and pool areas.