TGM Acquires Second Multifamily Apartment Community In Manassas
NEW YORK: TGM announced today the acquisition of TGM Ridge, a garden style apartment community with 402 units in Manassas, VA.
TGM Ridge is immediately surrounded by quality retail and lifestyle amenities, as well as an additional 4.1 million square feet of retail destinations within two miles. Conveniently located less than one mile from I-66 and Route 234, the property also has quick access to all of Northern Virginia's employment centers, including 6.1 million square feet of office space within five miles.
The property's 544,064 rentable square feet are comprised of expansive one- and two-bedroom apartments averaging 1,132 square feet. TGM will be renovating all apartment interiors with new kitchen cabinets, countertops, appliances, flooring, lighting and hardware fixtures. Bathrooms will be renovated to match the finishes of the kitchen. Community amenities include a swimming pool with sundeck and separate children's pool, poolside fireplace with TV lounge and grilling area, dog park, business center, 24-hour fitness center with children's playroom, and a business center within the oversized clubhouse. TGM will upgrade several amenity areas, such as the fitness center and pools, with the state-of-the-art equipment and new resort style furniture.
TGM Ridge presents a great opportunity to expand TGM's footprint in the Northern Virginia region, which has strong market fundamentals driving renter demand. The property has convenient access to several major employment hubs that are experiencing sizeable growth. The floor plans are large and feature unique layouts that serve as a key differentiator compared to nearby properties, said Zach Goldman, Managing Principal and Director of Operations for TGM. TGM Ridge is managed by TGMs' property management company, TGM Communities. Also owned and managed by TGM in the Maryland/Northern Virginia region are TGM Sudley Crossing (Manassas, VA), TGM Odenton (Odenton, MD), and TGM Creekside Village (Glen Burnie, MD).
TGM Ridge, formerly known as Rosemary Ridge, was marketed by the HFF investment advisory team led by Walter Coker and Brian Crivella.