The seller is a joint venture of Newark, NJ-based Prudential Real Estate Investors and Manassas, VA-based Pinnacle Management. The JV refused to dislose the publicly recorded price.
The largest complex in the trio is the Reserve at Greenwood, a 450-unit community on 19.69 acres. It was built in 1975 and renovated in 1999. It consists of one-, two- and three-bedroom units. The property is 94% occupied, and the average rent is $596 per unit. There are four pools, a tennis court, and a clubhouse on the property.
The Reserve at Walnut Ridge is a 252-unit community on 8.65 acres. It was built in 1974 and renovated in 1999. It has one- and two-bedroom units, and the larger ones include lofts, fireplaces and townhouses. There are two pools and a clubhouse on the property. The complex is 93% occupied, and the average rent is $558 a unit.
The Reserve at Foxrun, a 337-unit complex on 14.09 acres, also built in 1974 and renovated in 1999, contains one-, two- and three-bedroom units that include lofts, fireplaces and townhouses. There are four pools, a basketball court, clubhouse and carports on the property. It is 94% occupied, and the average rent is $635 per unit.
HGI plans to invest $3 million in upgrading the Reserve properties. This acquisition follows HGI's recent purchase of a Midwest portfolio, encompassing 992 units in Toledo, OH and Fort Wayne, IN, and it brings the total value of HGI's 2002 acquisitions to $171 million.
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