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Linden Property Group Acquires $34M Townhome Community in Fredericksburg
Arlington, VA-based Linden Property Group has acquired Timber Ridge Townhomes, a 147-unit LIHTC affordable housing property located at 3500 Goldenfield Lane in Fredericksburg, VA, for $34.3 million.
Wink Ewing, Mike Marshall, Matt Straughan, Keith Wells, Reina Abboud and Hunter Wood of Northmarq represented the seller, Bethesda, MD-based real estate investment trust CAPREIT, in the transaction and originated the debt for Linden Property Group, a multifamily investment company.
“We had an overwhelming amount of interest in this property, due to its location in a bedroom community of D.C., and the affordability component,” said Ewing. “There was a waiting list for new leases and VHDA had recently raised the rent caps approximately 12 percent, so there was a lot of room to continue to grow revenue.”
The 21-building property (built in 1999) is proximate to I-95 and minutes from the Virginia Railway Express. It is nine miles from the University of Mary Washington.
- ◦Sale/Acquisition
