CHARLOTTE, N.C.--(BUSINESS WIRE)--Ginkgo Residential today announced the acquisition, through its investment affiliate, of Arbor Trace Apartments located in Virginia Beach, Virginia, which transaction closed May 4, 2016. The approximately 7.75 acre property is comprised of 148 two bedroom, garden style apartments, and features a swimming pool, wellness and fitness center, a dog park and a grill and picnic area.
“Located in the Hilltop area of Virginia Beach, Arbor Trace is adjacent to an abundant and diverse mix of retail, restaurant, office, health care, and recreation opportunities. When combined with the fact that the property has easy access to I-264 and is only three miles from the ocean front, this makes Arbor Trace a convenient place to live with significant employment opportunities in the immediate area. Arbor Trace is a near perfect fit for our strategy of providing high quality workforce housing,” states Philip Payne, CEO of Ginkgo Residential.
About Ginkgo Residential
Ginkgo Residential is an industry leader focused on combining our core business of providing reasonably priced, high quality workforce housing with energy efficient programs that are environmentally sensitive. Ginkgo Residential is a significant operator of apartment communities located primarily in the Southeast region of the United States. For more information on Ginkgo Residential and our communities, visit our website – www.GinkgoRes.com.