(MENAFN- PR Newswire)
VIENNA, Va., May 19, 2022 /PRNewswire/ -- Middleburg Communities (Middleburg) , a Vienna, Virginia-based real estate investment, development, construction, and management firm announces the sale of Vesta Derby Oaks , a 418-unit apartment community at 3237 Utah Avenue in Louisville, KY. Middleburg acquired the blighted and mostly abandoned property in December 2018 and invested more than $17 million in the transformative redevelopment of the asset. At the time Middleburg acquired it, the property was approximately 15% occupied with most of the buildings in shell or uninhabitable condition. At the time of sale, Vesta Derby Oaks was 95% leased and occupied.
'The transformation of Vesta Derby Oaks was a game-changer for the community, bringing a formerly desolate property back to life while allowing existing residents to stay and welcoming many more to the restored apartments,' said Middleburg Communities Vice President of Asset Management, Michael Bediones. 'As new units with very affordable rents were brought online, they were immediately rented. Middleburg wants to recognize the City of Louisville and Jefferson County for providing financing through the Louisville CARES program, which incentivizes the development of affordable housing like Vesta Derby Oaks.'
Vesta Derby Oaks underwent an extensive renovation that resulted in a virtually new property, including all new siding, windows, roofs, plumbing, HVAC and electrical systems, new energy star appliances, LED lighting, cabinets, countertops, flooring, fixtures and finishes along with and improved sidewalks and landscaping. The renovation included the creation of a mix of 418 one-, two- and three-bedroom units (instead of the original 100% two-bedroom units) to better respond to the needs of residents.
Images of Vesta Derby Oaks can be accessed at Derby Oaks Before and at Derby Oaks After courtesy Middleburg Communities.
Middleburg extends its appreciation to Travis Presnell, Mike Kemether and Craig Collins of Cushman & Wakefield Multifamily Investment Sales for their representation in the sale of the property.
About Middleburg Communities :Middleburg Communities is a fully integrated multifamily development, investment, construction, and management company operating in the southeastern and mid-Atlantic United States. Since 2004, Middleburg has acquired and developed more than 22,000 apartment units, executing over $3 billion in transactions. The Middleburg team shares a vision for greater value creation through community impact. The firm's success is rooted in a genuine desire to serve its local communities in thoughtful and holistic ways. Middleburg embraces people, property, and partnerships to enhance the lives of others, contribute positively to its neighborhoods and maximize real returns for partners. For more information, please visit .
Media Contact: Karen WidmayerKW Communications, LLC [email protected] 301.661.1448
SOURCE Middleburg Communities
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