CHARLOTTESVILLE, VA — Robinson Development Group (RDG) announced its recent acquisition of Carriage Gate, a 40-unit apartment community strategically positioned within Charlottesville, Virginia.
Constructed between 2004-2006, the property is located only minutes from the University of Virginia, Sentara Martha Jefferson Hospital, the downtown central business district, and an abundance of retail along Route 29.
The community boasts spacious floorplans averaging nearly 1,250 square feet, which offer a long-term competitive advantage and differentiate the asset from comparable properties and new supply.
“We like the Charlottesville multifamily market for its significant growth potential and barriers to entry,” explained RDG president, Hal Yuill. “And renters love the property too. Tenant occupancy is above market average thanks in part to the large floor plans, central location, and price point.”
RDG plans to capitalize on the overall market trends in the Charlottesville area in addition to the wide rent differential between Carriage Gate and those of competing communities. The company plans to add value through modest interior improvements, amenity enhancements, and operational efficiencies.
The transaction was executed through a successful 1031 exchange from the recent sale of the Greenwich Center office building. The acquisition adds to RDG’s multifamily presence in the Charlottesville market.