Middleburg Communities Repositions 956-Unit Portfolio
The firm has reached stabilization on the full renovation, repositioning and leasing of three workforce housing communities in the Atlanta area.
ATLANTA, GA – Virginia-based, real estate investment, development and management firm, Middleburg Communities has reached stabilization on the extensive renovation, repositioning and leasing of three workforce housing apartment communities in the Atlanta area.
The three communities total 956 units and comprise Vesta Bouldercrest, Vesta Adams Park and Vesta Camp Creek.
Middleburg invested a total of $91 million in the three properties, including acquisition costs and renovation costs. The company originally acquired the nearly-vacant properties in a state of disrepair.
Middleburg has completed all unit work at the properties, which included new energy efficient HVAC units and upgraded and renovated finishes for various units. The apartment units now feature new drywall, LVT flooring, new cabinetry, granite countertops, modern light fixtures and energy efficient appliances and water fixtures.
Externally, the assets were painted and all siding was either repaired or replaced throughout. The company also installed new gutters and downsprouts.
Middleburg is currently expanding the amenities in each community. The firm is adding community rooms, fitness centers, playgrounds, grill areas and renovating swimming pools and basketball courts.
In addition, each of the three communities offer Middleburg’s signature program, Local Heroes, which provides rent discounts to firefighters, police officers, emergency medical technicians and K-12 public school teachers.
“Middleburg has completed a complete transformation of these three communities, now bustling with residents and community activities,” says Middleburg Management president, Duane Wooldridge. “We are very pleased to have preserved and improved the quality and quantity of workforce housing in Atlanta.”
Wooldridge adds, “Through the intensive work by our development, construction and operations teams, each community is now essentially a new asset and will fill an extreme void in the dearth of workforce housing in this region. Middleburg is uniquely able to take on a portfolio project of this magnitude and then continue to lease and operate it once completed.”