Terrace Partners LLC Acquires Terrace Apartments Multifamily Community In Roanoke VA For $7M

The property involved in the transaction is a multifamily asset located at 1540 Maiden Lane Southwest and 1532 Bluemont Avenue Southwest in Roanoke, VA. This apartment community consists of 187 units and was sold for $7,000,000, resulting in a price per unit of $37,433.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $7,000,000
• Units: 187
• Price Per Unit: $37,433
• Broker Representatives: Clay Taylor, Jorge Rosa & Anthony “TJ” Liberto - Cushman & Wakefield

Cushman & Wakefield’s Capital Markets Group and Mid-Atlantic Multifamily Advisory represented the seller in this transaction. The buyer, Terrace Partners, LLC, is a regional investor group that aims to maintain the affordability of the apartments and continue capital reinvestments, benefiting from the property's Low-Income Housing Tax Credit protections.