Ginkgo Residential Announces Purchase of Hampton Roads Portfolio
CHARLOTTE, N.C.--(BUSINESS WIRE)--Ginkgo Residential today announced the acquisition of a multifamily portfolio located in the Hampton Roads area of Southern Virginia. The portfolio consists of three, Class A garden style communities, totaling 641 units. The following properties were acquired:
Bridgewater on the Lake, located in Hampton, Virginia, containing 216 one-, two-, and three-bedroom apartment homes. The 12 acre property was built in 1998 and features a swimming pool, playground, business center, picnic area, dog park, and tennis courts.
Lake Ridge, located in Hampton, Virginia, containing 282 two-, and three-bedroom apartment homes. The 15 acre property was built in 2004 and features a clubhouse, swimming pool, fitness center, playground, business center, picnic area and dog park.
The Reserves at Arboretum, located in Newport News, Virginia, containing 143 one-, two-, and three-bedroom apartment homes. The seven acre property was built in 2009 and features a clubhouse, swimming pool, fitness center, playground, business center, movie theater, billiards room, and coffee bar.
Philip Payne, CEO of Ginkgo Residential stated, “We are excited to add these high quality, well maintained assets to our portfolio while also expanding into a new market. We feel these properties are well suited to serve the workforce housing segment of the Hampton Roads area. Ginkgo Residential plans to combine operations at two of the properties adjacent to one another to consolidate operations and maximize our management platform.”
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.