Southwood Realty Acquires Class A Multifamily in Lynchburg for $69M
Gastonia, NC-based Southwood Realty has acquired West Edge Apartments, a 270-unit, Class A community in Lynchburg, VA for $68.9 million. The property was 96% occupied at the time of the sale.
Eric Liebich and Ron Corrao of Capstone Apartment Partners facilitated the off-market transaction. Southwood Realty acquired the asset free and clear following lease-up.
Capstone has now assisted Southwood in three VA multifamily purchase over the last 18 month. According to Capstone, the acquisition allows Southwood to further obtain economies of scale and operational efficiencies in the local submarket.
West Edge Apartments was completed in 2022. The asset is situated on 22.70 acres and sits within close proximity to retail and commercial services as well as the University of Lynchburg, Liberty University and the Lynchburg Regional Airport. Community amenities include pool, a clubhouse/community center, fitness center and laundry facilities.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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