Grandin Village, Roanoke, VA
Greenway Apartments
- Units
- 175
- Acquired
- June 2024
- Basis
- $11,700,000
Sourced off-market after over a year of direct negotiations. ~$2.7M renovation program underway. Average rent +49.8% since acquisition.
Portfolio
Current and past
investments.
Since 2021, Red Cedar's principals have completed five multifamily acquisitions in Roanoke, Virginia and exited two of them. We continue to evaluate opportunities across the Mid-Atlantic and Southeast.
Active Holdings
260 units
Grandin Village, Roanoke, VA
Grandin Village Apartments
- Units
- 60
- Acquired
- July 2023
- Basis
- $5,125,000
Sourced off-market from a 24-year owner-operator. Mix of light refresh and full turns. Average rent +53.9% since acquisition.
Grandin Village, Roanoke, VA
Westover Apartments
- Units
- 25
- Acquired
- December 2021
- Basis
- $2,020,000
Boutique 25-unit asset surrounded by single-family homes. Full interior and exterior reposition. Average rent +59.3% since acquisition.
Realized Investments
22.5% Avg AARMar 2021 – Feb 2024
Eastern Avenue Portfolio
Units
14
AAR
24.8%
IRR
21.1%
14-unit duplex portfolio — our first Roanoke acquisition. Sold to a 1031 exchange buyer via national brokerage. Rent +34.1% in hold.
Apr 2021 – Dec 2022
Darby Apartments
Units
12
AAR
20.1%
IRR
18.7%
12-unit asset sold off-market at a premium to a nearby owner. Full parking lot repave, unit turns, deferred maintenance addressed.