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 small 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-tale 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.

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WAUKEE, IA – Besyata Investment Group and The Scharf Group, NY-based single family offices, have bought Autumn Ridge Apartments in Waukee, IA for $58M. The buy will be completed in two Phases for a total of 434 Units.

BH Management, Besyata’s long-standing partner and leading property manager of 70,000+ apartments across 23 states, will handle the day-to-day property management and leasing.

Autumn Ridge, a 434 class “A”, new construction luxury apartment community located in vibrant Waukee (suburban Des Moines), Iowa. The community is located within Dallas County, the 5th fastest growing county in the US.

The community offers quick access to the top employers of Des Moines/West Des Moines including Wells Fargo, Mercy Medical Center, Principal Financial Group and Athene USA Corporation, as well as limitless shopping, dining and entertainment destinations, most notably, it is within ten minutes of the Jordan Creek Town Center, the 4th largest shopping complex in the Midwest.

The immediate area near the property has one of the strongest demographic profiles within the Des Moines MSA. Waukee has experienced exponential growth over the last two decades, it was named the fastest growing city in Iowa. The job market is booming and has made a strong draw for young educated professionals.

The property is in the Waukee Community School District, one of the best and fastest growing school districts in the state. Waukee is known as an active, family-friendly city with plenty of outdoor leisure opportunities. Autumn Ridge has convenient access to all the finest recreational activities in the West Des Moines areas.

The Des Moines market is experiencing strong fundamentals through job and population growth driven by a robust economy and a business-friendly investment environment, asking rents in the submarket have risen considerably in the past few years. Occupancy rates have continued to remain strong and the pace of demand in the next 4-5 years is expected to outpace that of new supply.

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AUSTIN, TX – Private equity real estate firms JoCo Partners and The ValCap Group teamed up to buy two off-market apartment communities in the sought-after Anderson Mill neighborhood of Austin, TX. Westwood Apartments was built in 1983 and consists of 152 rental units, while Audubon Square was built in 1986 and consists of 164 units.

The joint-venture plans to combine Westwood Apartments and the adjacent Audubon Square Apartments into a single 316 unit garden style community called The Lantern. This upscale community, near the highly acclaimed Westwood High School in the Round Rock School District, will include upgrades and additions to the community amenities.

The renovation plans include high-end interior improvements to all the apartment units, including granite countertops, stainless steel appliances, and mosaic backsplash tiling. One of the existing offices will be converted into a clubhouse available for use to the community residents and a mega fitness center to include outdoor spinning, a yoga center and a fully equipped weight and cardio room.

There will be extensive exterior renovations to the three pool areas, the addition of an outdoor grilling station and the inclusion of game areas for kids and families. For pet lovers, the construction team will make a dog park as well as a dog washing station that will be open to all residents.

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