Group, as sole representative of the Owner, is pleased to present Jefferson Ridge and the Lynchburg Collection ("The Portfolio" or "The Properties"), a rare 123-unit portfolio located in Central Virginia. The largest asset of the portfolio, Jefferson Ridge, is a 68-unit community in the exclusive Forest submarket that offers a competitive mix of unit types dominated by larger townhome-style apartments. The balance of the portfolio includes four prime assets in desirable neighborhoods throughout the City of Lynchburg. The assets provide exceptional scale in the high growth Lynchburg MSA, which has demonstrated significant resilience during the Covid-19 Pandemic.
The Properties are unique value-add opportunities with a combination of in-unit renovation potential and operational upside. In addition, Jefferson Ridge is being sold with excess land that can accommodate additional development. These value enhancing strategies will combine with future economic growth across the region from a variety of employment sectors that are keeping apartment fundamentals strong. Key industries, including the Meds & Eds sector, are seeing sustained economic growth that has caused the Lynchburg MSA to reach full employment with unemployment that has declined each month since April 2020. This coupled with the minimum wage in Virginia increasing to $9.50 (30% increase) will have a meaningful impact on the subset of renters found at Jefferson Ridge and The Lynchburg Collection. Economic stability and high barriers to entry is leading to incredible apartment market fundamentals as rent growth in Lynchburg totaled 2.9% year-over-year through 2020. The Properties also have a long rental runway with their individual primary competitors, allowing for significant, achievable rental upside. The Properties are all well occupied and repositioning the assets within their respective competitive sets will allow them to capture this increased rental demand and generate long-term stable cash flow for new ownership.
The Properties are being offered as a portfolio, however Jefferson Ridge or the Lynchburg Collection may be purchased separately.
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The Lynchburg Collection (4 properties, 55 units)