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HAMPTON, VA-Boston's Berkshire Income Realty Inc. has acquired the Lake Ridge Apartments in a deal valued at nearly $34.4 million. In exchange for the fee simple interest in the 282-unit multifamily community, Berkshire turned over the funds in an all-cash transaction to previous owner Lake Ridge Apartments LLC. The money was held in escrow until a section 1031 tax deferred exchange closed.

Situated on a 15-acre parcel at 900 Lake Ridge Rd. off Interstate 64 and near the Kiln Creek Golf Course, Lake Ridge is at the gateway to the Hampton Roads submarket. The apartment community, developed in 2004, consists of a series of three-story structures and also features a fitness center, swimming pool, business center and clubhouse. According to City of Hampton records, the property has a current assessed value of about $25.3 million.