Waldvogel Commercial Properties brokers sale of 174-unit apartment complex in Roanoke
Waldvogel Commercial Properties reports the sale of Northridge Apartment Village, a 14-acre, 174-unit garden apartment community on Cove Road in Northwest Roanoke. According to Waldvogel, the $7.2 million sale price is the largest transaction so far this year in Roanoke.
The company represented the buyer with Jason Fountain and Clay Taylor serving as the sales agents. Poe and Cronk Real Estate Group represented the seller. After marketing the property for two weeks, Poe and Cronk said it received multiple offers for the property.
According to Waldvogel, the apartment community will continue current operations under the same name.
“As the economy continues to improve, we have seen a significant increase in real estate investment activity over the past year,” Taylor said in a statement. “Demand for investment grade assets in our market has become very strong. Investors from larger metropolitan areas are starting to compete with local buyers for opportunities.”
Unlike some top-tier markets, “Roanoke has not yet seen the apartment construction boom that could result in a bubble,” Taylor said. “Investors are attracted to markets like Roanoke because of our strong economic fundamentals combined with the opportunity to seek comparatively higher yield investments. As long as these fundamentals remain in place, we will likely see continued interest from both local and non-local investors. Ultimately, this is good news for sellers.”