Village at Cedarhurst
Project details
Project details
Overview
Located in Fredericksburg, Virginia, The Village at Cedarhurst is a well-established garden-style apartment community offering 252 units comprised of one-, two-, and three-bedroom floor plans. Designed to provide residents with a comfortable and convenient lifestyle, the community features a clubhouse, swimming pool, fitness center, playground, and picnic areas, catering to a variety of needs and lifestyles.
Strategically positioned with easy access to major employment centers, shopping, and schools, Village at Cedarhurst meets the demands of the growing rental market in the Fredericksburg area. The property benefits from professional management focused on maintaining a high-quality living environment that fosters resident satisfaction and long-term occupancy.
This community represents a stable investment opportunity within a dynamic market driven by consistent rental demand and strong regional growth.
Outcome
The acquisition of Village at Cedarhurst, a 230-unit garden-style apartment community in Richmond, Virginia, has resulted in a fully stabilized asset with high occupancy rates. The property consistently attracts a diverse resident base, contributing to its strong financial performance. Strategically located near major employment centers, shopping areas, and recreational facilities, the community offers residents convenient access to essential amenities. This prime location has been instrumental in maintaining robust demand and ensuring the property's long-term success.
The property's comprehensive suite of amenities, including a clubhouse with a fitness center, resort-style pool, and pet-friendly facilities, enhances its appeal to prospective tenants. These features not only improve resident satisfaction but also support high retention rates. The well-maintained grounds and thoughtfully designed living spaces further contribute to the community's desirability.
The asset's performance met projected benchmarks, culminating in a successful disposition in 2023. This outcome underscores Skyline's capability in executing value-add strategies within stabilized residential communities.
"Village at Cedarhurst offers a comfortable and peaceful living environment. The amenities, including the pool and fitness center, are well maintained, and the neighborhood feels safe and friendly. It's been easy to settle in and enjoy everyday life here."Cedarhurst Resident
Approach
The investment strategy for Village at Cedarhurst focused on acquiring a well-established, income-producing asset in a high-demand market. The property's location in Richmond's Westover Hills neighborhood provides residents with a blend of suburban tranquility and urban convenience, making it an attractive option for a wide demographic.
Post-acquisition, the approach centered on maintaining the property's operational efficiency and enhancing resident satisfaction. This included implementing proactive maintenance programs, ensuring timely responses to resident inquiries, and fostering a community-oriented environment. Additionally, efforts were made to streamline leasing processes and optimize occupancy rates.
By focusing on these key areas, the management team has successfully upheld the property's reputation as a top-tier residential community, ensuring its position as a stable and profitable asset within the portfolio.
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