Aria Legacy Group makes first purchase in Virginia
Aria Legacy Group (ALG) has acquired the Maple Ridge Apartments in Lynchburg’s historic district from the Virginia Housing Development Authority. The $8.5 million purchase represents the Lakewood, N.J.-based firm’s first multifamily investment in the state.
The 152-unit, garden-style community on Reusens Road sits on 15 acres and was renovated by the previous owner before the acquisition. The renovation included remodeling the main lobby, auxiliary entrances, fitness center and common corridors. Built in 1981, the property is a mix of one- to three-bedroom apartments with kitchens, fireplaces, and balconies or patios.
“We are excited to make our first investment in the historic city of Lynchburg,” Joe Novoseller, managing principal of ALG, said in a statement. “The city, especially its downtown area, with its dynamic and walkable commercial areas is attractive to college students and young professionals.”
Amenities include an on-site laundry, fitness center, swimming pool, playground and picnic area, and basketball and tennis courts. The complex is near downtown, major health-care facilities, universities, restaurants and shops. It also has access to Route 29 and the Lynchburg Expressway 501.
Adelle Ross of Eastern Union Funding arranged acquisition financing through Greystone.