CBRE arranges sale of 244-unit affordable apartment complex in Roanoke
CBRE Affordable Housing has arranged the sale of Ashton Heights, a 244-unit apartment community in Roanoke.
A joint venture of EBEX Holdings and FriedLam Partners., a Teaneck, N.J.-based company that purchases and manages multifamily properties throughout the East Coast, purchased the property on 3530 Dona Driive, NW.
The sales price was not disclosed.
“This was a complicated and multilayered transaction with both LIHTC and Section 8/HAP restrictions on all of the units. CBRE Affordable Housing was able to help us through the steps to make it a successful transaction,” Evan Goldenberg, principal at EBEX Holdings, said in a statement. EBEX, based in Beverly Hills, Calif., purchases affordable and market rate multifamily properties.
Ashton Heights offers one-, two-, and three-bedroom units. The property was renovated in 2005 and has had a historical occupancy of more than 96 percent for the past three years.
“Affordable housing is so critical in local communities, and we look forward to managing and preserving this property in Roanoke while continuing to grow our affordable-housing portfolio,” Nathan Friedman, principal at FriedLam Partners, said in a statement.
Jeff Kunitz and Alex Medeiros of CBRE Affordable Housing and Charles Wentworth and Peyton Cox of CBRE|Richmond organized the property’s sale.
CBRE Affordable Housing is a specialty group within CBRE Group Inc. that combines investment sales, debt and structured finance, and investment banking into an integrated service offering for clients in the affordable housing industry. According to CBRE, the group has closed $15.2 billion dollars in sales and financing since 2001 and has conducted transactions in all 50 states and Puerto Rico.