Travis Presnell, Mike Kemether, Wesley Lacefield and Wesley Kenney of Cushman & Wakefield represented seller Middleburg in the transaction.
Middleburg acquired the community in May 2019 as part of a workforce housing portfolio acquisition. At the time it was purchased, Vesta Adams Park was in a state of extreme disrepair and only 17% occupied. Middleburg invested approximately $6 million to rehabilitate and renovate the property, resulting in a rapid lease-up and 95% occupancy and 96% leased status at the closing of the sale.
“Vesta Adams Park is another example of Middleburg’s commitment to taking desolate assets that are unattractive to residents and non-contributors to the larger community and investing capital along with strong management and new community connections to bring these apartments to life,” said Michael Bediones of Middleburg.
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.