Heritage Affordable Communities Acquires Affordable Housing In Petersburg County, Virginia For $7.25M

This affordable housing property located at 110 Croatan Drive in Petersburg County, Virginia, has recently been sold for a total of $7,250,000. The transaction took place on 05/11/2021 and was captured by photographer Alex Hajibay. The property consists of 168 units, which translates to a price per unit (PPU) of $43,155. As an affordable housing asset, it offers a valuable opportunity for both tenants and investors.

Summary of transaction details

• Property Type: Affordable Housing
• Transaction Amount: $7,250,000
• Address: 110 Croatan Drive, Petersburg County, Virginia
• Market: Petersburg County, Virginia
• Units: 168
• Price Per Unit (PPU): $43,155

In this deal, the seller, Jim Kincaid, successfully sold the property to the buyer, Heritage Affordable Communities. Heritage Affordable Communities is an organization actively seeking to acquire affordable housing deals not only in New York but also across the nation. Their commitment to affordable housing makes them a valuable player in the real estate market.

The acquisition of this property by Heritage Affordable Communities demonstrates their dedication to expanding their portfolio of affordable housing assets. With their aggressive approach to acquiring such deals, Heritage Affordable Communities is poised to make a significant impact in the New York and nationwide real estate markets.