Waldvogel Commercial Properties Brokers Sale of 174-Unit Apartment Complex in Roanoke

Northridge Apartment VillageWaldvogel Commercial Properties represented the buyer in sale of Northridge Apartment Village, a 174-unit garden apartment community located along Cove Road in Northwest Roanoke. The $7.2 million sale price is the largest transaction so far this year in Roanoke City. Jason Fountain and Clay Taylor were the sales agents.

The buyer purchased Northridge Apartment Village with a significant value-add strategy in mind. The community will continue current operations under the same name with different ownership.

“As the economy continues to improve, we have seen a significant increase in real estate investment activity over the past year,” said Taylor. “Demand for investment grade assets in our market has become very strong. Investors from larger metropolitan areas are starting to compete with local buyers for opportunities.”

“Top-tier markets like Washington D.C. have experienced rapid growth over the past few years,” added Fountain. “Many investors fear that these markets are becoming overbuilt with both supply and prices outpacing demand.” According to CoStar Group, the new supply of apartment units is beginning to show up in rising vacancy rates in a number of high-growth U.S. markets. “Roanoke has not yet seen the apartment construction boom that could result in a bubble,” he said.

“Investors are attracted to markets like Roanoke because of our strong economic fundamentals combined with the opportunity to seek comparatively higher yield investments,” said Taylor. “As long as these fundamentals remain in place, we will likely see continued interest from both local and non-local investors. Ultimately, this is good news for sellers.”