Turnpike Townhomes

Posted: 1/21/2021
100 Units
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About

About Turnpike Townhomes

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Turnpike Townhomes (the "Property"), a pristine 100-unit apartment community built in 2008 located in Danville, Virginia. The Property is well positioned within the market to take advantage of the rapid economic growth and development driven by Caesars Entertainment Group’s commitment to spend $400 million to open a premier destination resort casino in Danville. Located along the southern border of Virginia, 70 miles south of Roanoke, Virginia, and 45 miles northeast of Greensboro, North Carolina, Danville is currently experiencing an economic resurgence which has generated sustained economic growth resulting in pre-COVID unemployment levels at an 18-year record low of 4.40%. The area is a significant hub for advanced manufacturing with major employers including both national and international companies and the home of Sovah Health, a 250-bed major regional hospital that employs over a thousand professionals. The Property is owned and managed by a private individual and the opportunity exists to introduce significant efficiencies on the income side including organic rental growth and utility expense recapture to create long term value and stable cash flow for a new investor.