Misty Ridge

property details
    • date
    • acquisition date May 1, 2013
    • May 1, 2013
    • date
    • address1989 Delaware Drive, Woodbridge, VA
    • 1989 Delaware Drive, Woodbridge, VA
    • date
    • number of units409
    • 409
    • date
    • square footage328,066
    • 328,066
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property overview
  • Misty Ridge Apartments is a 409-unit apartment community comprised of 25 two-story buildings located in Woodbridge, VA. Prior to acquisition, the property had tired Class A- exterior finishes and amenities, as well as dated Class B unit interiors.
  • CLP purchased the property in May 2013 and began implementing a business plan to upgrade the exterior, offer a higher level of amenities, and renovate the unit interiors to a level of quality that is comparable to competing luxury properties. The property offers residents a more open suburban feel than any of the competitive Class A properties. However, the business plan conservatively assumed a continued discount in rents relative to these alternatives, thereby creating a higher value proposition for residents.