Virginia

Fairfax-Development

Fairfax, Va. — The Fairfax County Redevelopment and Housing Authority (FCRHA) has closed on financing for the development of One University, a mixed-use project located near the George Mason University campus. Groundbreaking is scheduled for January 2022.  The development will offer 120 affordable multifamily units, 120 units affordable seniors independent living units, and 333 units of student housing. SCG Development Partners will construct, own and operate the 240 units of multifamily and seniors housing; and a portion of the FCRHA property will be leased to RISE: A Real Estate Co. …

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Richmond, Va. — Coastal Ridge Real Estate has been awarded management of Ascend RVA, a 468-bed community currently under development by The Opus Group near the Virginia Commonwealth University campus in Richmond. The 12-story property will offer furnished studio to four-bedroom units alongside shared amenities including a fitness center, club room, study lounge, game rooms, an outdoor terrace area and a swimming pool. The project is scheduled for completion in fall 2022. “We opted to partner with Coastal Ridge on the management of our property, Ascend RVA, because of their …

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Blacksburg, Va. — Coastal Ridge Real Estate has been awarded management of a 3,078-bed portfolio serving students attending Virginia Tech University in Blacksburg. The properties, which are owned by San Francisco-based Reliant Group, include Collegiate Suites & Hunters Ridge, Maple Ridge Townhomes and Terrace View Apartments. The communities offer one- to four-bedroom units with shared amenities including clubhouses, fitness centers, coffee bars, game rooms, full-size basketball courts, picnic areas and swimming pools.

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Blacksburg, Va. — Graystone Fund I (GFI) has acquired Hearthstone Apartments, a 158-bed multifamily portfolio located near the Virginia Tech campus in Blacksburg, for $16.9 million. The portfolio is 20 percent occupied by undergraduate students, with the rest of the units occupied by graduate students and young working adults. GFI plans to increase the marketability of the property by making minor improvements. 

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Blacksburg, Va. — Graystone Fund I (GFI) has acquired a 456-bed, 140-unit portfolio of student housing near the Virginia Tech University campus in Blacksburg for $33.8 million. The properties were previously owned and managed by BCR Property Management. GFI plans to make improvements and repairs to the acquired portfolio, aiming to increase the overall quality and marketability of the product. Further details on the acquisition were not disclosed. Graystone Cos. also plans to construct an approved 204-bed student housing community at the corner of Toms Creek Road in Blacksburg, furthering its …

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Ascend-Richmond

Richmond, Va. — A joint venture between Balboa Real Estate Partners and The Opus Group has broken ground on Ascend Richmond, a 428-bed student housing community located near Virginia Commonwealth University in Richmond. The project will offer a mix of studio, one-, two- three- and four-bedroom units. Shared amenities will include an outdoor terrace with a swimming pool, an indoor fitness room and lounge areas. Rabren General Contractors is the general contractor for the project, a timeline for which was not announced. 

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Aspen-Harrisonburg

Harrisonburg, Va. — Campus Apartments has acquired Aspen Heights Harrisonburg, a 600-bed, cottage-style student housing community located near James Madison University.  The property offers two-, three-, four- and five-bedroom units. Shared amenities include a 24-hour fitness center, computer lab, study lounge, tanning bed, shuttle to class, movie theater, full-court volleyball and a California-style swimming pool. “We are thrilled to acquire Aspen Heights Harrisonburg,” says Mark Schundler, executive vice president of investments at Campus Apartments. “The asset has a tremendous track record of strong occupancy and rent growth, and it has …

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Blacksburg, Va. — Eyzenberg & Co. has structured a ground-lease on behalf of Sturbridge Square LLC and procured Greystar to redevelop an 11.5-acre site near Virginia Tech University. The property — located at 1001 University City Blvd. one mile north of campus — is currently occupied by Sturbridge Square Apartments and will be redeveloped into a 424-unit student housing community. Greystar expects to break ground on the development this summer, with completion scheduled for fall 2022. Sturbridge Square Apartments currently comprises 11 buildings. The new community will feature six buildings …

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Harrisonburg, Va. — Financial Federal Bank has provided a $38.7 million loan to refinance North 38 Apartments, a 228-unit student housing community near James Madison University (JMU) in Harrisonburg. The property was built in 2009 and offers 816 beds and fully furnished units featuring 55-inch TVs. Communal amenities include a pool, hammock gardens, car care center, sand volleyball court, computer lounge, fitness center, detached garage buildings and multiple dog parks. At the time of the transaction, the property was 94 percent occupied. The community is situated at 1190 Meridian Circle, two miles …

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Arlington, Va. — Marymount University has acquired The Rixey, a 267-unit conventional multifamily community located in the Ballston neighborhood of Arlington. The university plans to convert the property into a 502-bed, college-affiliated community offering apartment-style units for upperclassmen, graduate students, faculty and staff. Marymount has tapped The Michaels Organization as a management partner for the community. Michaels will co-manage leasing efforts and solely handle the operations and resident life program at The Rixey. The property is currently being converted into a student housing community, which will offer studio, one- and …

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