May 20, 2020
Community Housing Partners (CHP), which provides affordable and sustainable housing across the Southeast and Mid-Atlantic, recently acquired three apartment communities along Virginia’s I-81 corridor to add to its growing multifamily portfolio.
Since 2012, CHP has been working out a deal with a Roanoke-based property owner to acquire several Virginia properties. CHP has closed on the final of three properties, adding a total of 200 units to CHP’s multifamily rental portfolio that represents more than $7 million in assets. The Virginia properties include Hunt Ridge I & II in Lexington; Ridge I, II, & III in Woodstock; and Highlands II in Broadway.
“We are excited to not just expand our multifamily rental portfolio in Virginia, but also to serve the residents in these apartment communities” said Jeff Reed, President. “These recent acquisitions are also potential candidates for redevelopment in the future.”
Although the properties are spread out across Virginia, they are connected by one of Virginia’s main interstates, I-81 which links many rural communities to major cities. Over the past few years, communities like these have been getting stronger as areas like D.C. and northern Virginia continue to grow and expand.
“These properties fit within our footprint,” said Reed. “We feel that the properties along the I-81 corridor are in markets that are getting stronger and have a growing need for affordable homes and communities.”
CHP will manage Hunt Ridge Apartments and Ridge Apartments.