Linden Property Group Secures Acquisition Financing For Timber Ridge Townhomes In Fredericksburg

Located at 3500 Goldenfield Lane in Fredericksburg, Timber Ridge Townhomes is a 147-unit affordable housing community that was recently sold for $34.3 million. The LIHTC community, built in 1999, consists of 21 apartment buildings and had a waiting list at the time of sale. Community amenities include a pet play area, business center, fitness center, and pool, with Wi-Fi access available at the clubhouse and pool areas.

Summary of transaction details:

• Property Type: Affordable Housing Community
• Transaction Amount: $34.3 million
• Address: 3500 Goldenfield Lane, Fredericksburg
• Market: Fredericksburg
• Seller: CAPREIT
• Buyer: Linden Property Group
• Northmarq Investment Sales Team: Wink Ewing, Mike Marshall, Matt Straughan
• Northmarq Debt Placement Team: Keith Wells, Reina Abboud, Hunter Wood
• Lender: Undisclosed Regional Bank

The acquisition financing for the buyer, Linden Property Group, was originated through an unnamed regional bank by Northmarq's debt placement team of Keith Wells, Reina Abboud, and Hunter Wood. The property's rent caps were recently raised by 12 percent by the Virginia Housing Development Authority, showcasing a positive outlook for the community.