MANASSAS, VA – TGM announced the acquisition of TGM Ridge, a garden style apartment community with 402 units in Manassas, VA. The Northern Virginia property was completed in two phases; 2004 and 2007 and is located on 26 acres, with its leasing office and clubhouse situated at 10901 Wild Ginger Circle.  

TGM Ridge is immediately surrounded by quality retail and lifestyle amenities, as well as an additional 4.1 million square feet of retail destinations within two miles. Conveniently located less than one mile from I-66 and Route 234, the property also has quick access to all of Northern Virginia’s employment centers, including 6.1 million square feet of office space within five miles.   

The property’s 544,064 rentable square feet are comprised of expansive one- and two-bedroom apartments averaging 1,132 square feet.  TGM will be renovating all apartment interiors with new kitchen cabinets, countertops, appliances, flooring, lighting and hardware fixtures.  Bathrooms will be renovated to match the finishes of the kitchen.  Community amenities include a swimming pool with sundeck and separate children’s pool, poolside fireplace with TV lounge and grilling area, dog park, business center, 24-hour fitness center with children’s playroom, and a business center within the oversized clubhouse.  TGM will upgrade several amenity areas, such as the fitness center and pools, with the state-of-the-art equipment and new resort style furniture.  

“TGM Ridge presents a fantastic opportunity to expand TGM’s footprint in the Northern Virginia region, which has strong market fundamentals driving renter demand.  The property has convenient access to several major employment hubs that are experiencing sizeable growth.  The floor plans are large and feature unique layouts that serve as a key differentiator compared to nearby properties,” said Zach Goldman, Managing Principal and Director of Operations for TGM.  

TGM Ridge is managed by TGMs’ property management company, TGM Communities. Also owned and managed by TGM in the Maryland/Northern Virginia region are TGM Sudley Crossing (Manassas, VA), TGM Odenton (Odenton, MD), and TGM Creekside Village (Glen Burnie, MD). 

TGM Ridge, formerly known as Rosemary Ridge, was marketed by the HFF investment advisory team led by Walter Coker and Brian Crivella.

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HOLLYWOOD, FL – Pinnacle Housing Group, in partnership with the City of Hollywood, celebrated the official groundbreaking of “Pinnacle at Peacefield,” a 120-unit quality affordable housing development for seniors. Following the groundbreaking, Pinnacle and the City hosted a job honest for local applicants and those participating in City-sponsored workforce training programs for construction trades.

Representatives from Pinnacle Housing Group were joined by City of Hollywood Mayor Josh Levy, Broward County Commissioner Beam Furr, City of Hollywood Commissioner Peter Hernandez, Citi Community Capital Director Barry Krinsky and other local dignitaries.

Named after the ancestral home of one of America’s Founding Fathers, John Adams, Pinnacle at Peacefield will offer 120 units of senior housing (age 62+) on land assembled by the City of Hollywood and the Hollywood Community Redevelopment Agency. The community will contain 72 one-bedroom units and 48 two-bedroom units in three low-rise buildings on Adams Street west of S. Dixie Highway. The community will offer the latest in quality affordable design, and each building will have its own dedicated common facilities including a lounge/meeting space, computer center, outdoor patio, fitness facility and medical evaluation room. Pinnacle at Peacefield will offer residents an array of programs tailored to seniors’ unique needs, such as 24/7 property management support for urgent issues, daily resident assurance check-in, computer training, and daily on-site supervised activities designed to promote wellness, education and social engagement. Projected rents will range from $380 to $835 for a one-bedroom home and $456 to $1,022 for a two-bedroom residence.

Timothy Wheat, Regional Vice President of Pinnacle Housing Group observed that “we are reaching a crisis-level shortage of housing for seniors in Florida. We are elated to provide 120 units along with much needed services and support that will make elderly lives simpler.” 

People interested in future residency can check the Pinnacle at Peacefield page on Pinnacle’s website in the late summer for more information regarding pre-leasing contact information. Construction is scheduled to be complete in early 2020.

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AVON, CT -The Clairmont Group, an owner-operator of real estate in the Tri-State area along with RealtyMogul, a private equity firm using crowd-funding to finance commercial real estate investments, have teamed up to buy Avon Place Apartments, a 164-unit apartment complex located in Avon, Connecticut for $24 million. The partnership plans to spend over $1 million in capitalized expenditures, including apartment renovations and common area improvements. Matt Schneid from Cole Scholz P.C. served as the legal advisor on the transaction.

“It is a very rare opportunity to buy a high-quality multifamily complex in the highly sought-after Town of Avon, with one of the best school systems and demographics in the country,” shared David Lubin, Managing Partner at the Clairmont Group.  “We are thrilled to add this asset to our growing portfolio as we expand our presence along the East Coast,” added Ryan Colbert, Managing Partner at the Clairmont Group.  

Chris Fraley, Chief Investment Officer of RealtyMogul, noted that this transaction is an example of the evolution of the Crowdfunding industry.  “It is exciting to see the business scale.  We are very pleased to be able to offer institutional quality assets to our investors, and to give retail investors access to the level of control and fiduciary oversight that an institutional investor may have with a more traditional private equity fund.  The more passive limited partner investments are still an vital aspect of our business, but we are pleased to be able to invest as the majority investor in middle market opportunities.”

Avon Place is a full-service residential community that offers one to three-bedroom apartments with numerous amenities including tennis courts, a swimming pool, 24/7 fitness center, playground, basketball court, dog park and movie room. The community consists of three residential buildings and a clubhouse/leasing office.  It sits on 46 acres of land that is nestled along the banks of the Farmington River and located within close proximity to downtown Hartfordas well as fine dining and shopping of West Hartford. The community is particularly desirable to families having Reggio Magnet School of the Arts within walking distance.

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