Woodridge and Linden Lane to be rebranded The Perch on Commonwealth
CHARLOTTESVILLE, VA — Robinson Development Group (RDG) announced its recent acquisition of Woodridge and Linden Lane, an 80-unit apartment community in Charlottesville, Va.
Constructed between 1994 and 1998, Woodridge and Linden Lane are strategically positioned near the Rt. 29 / Rt. 250 interchange. The property is a three-story, garden style walkup community offering units with 1,000 sq. ft. floorplans.
“We plan to quickly begin a value-add interior renovation program that will include new flooring, kitchen countertops and cabinets, appliances, and bathroom enhancements,” said RDG president, Hal Yuill. Along with the interior renovations to all units, RDG plans to rebrand the property as “The Perch on Commonwealth,” according to Yuill.
The transaction was executed through a successful 1031 exchange from the recent sale of the Pinehurst office building in Virginia Beach. The Woodridge and Linden Lane acquisition adds to RDG’s multifamily presence in the Charlottesville market, which included acquiring the Carriage Gate apartment community earlier this year.
“We like the Charlottesville multifamily market for its significant growth potential,” Yuill said. RDG plans to capitalize on the overall market trends in the Charlottesville area and the wide rent differentials between RDG’s property acquisitions and those of competing communities.
Bluesky will manage the property for RDG.