Luxury Multifamily Property Pulls in $32M

GLEN ALLEN, VA-United Dominion Realty Trust Inc. closed 2003 with a series of acquisitions, among them, the purchase of the 264-unit Carriage Homes at Wyndham apartment community. The luxury residential property, which was developed in 1998, commanded nearly $31.6 million. For UDRT, the purchase marks another step in the company’s three-year-old repositioning strategy. “Our top 15 markets are expected to generate twice the average job growth next year, which is the major driver of our business,” company president and CEO Thomas W. Toomey notes.

Situated off the Capital Beltway near the Dominion’s Club golf course in Henrico County, the Carriage Homes consists of 16 townhome and garden-style structures, as well as a state-of-the-art fitness facility, meeting rooms and nature trails. Located in the west end section of the county, the multifamily community carries the distinction of being the sole apartment compound in the 1,000 plus-acre Wyndham master-planned community.