- acquisition date May 1, 2013
- May 1, 2013
- address1989 Delaware Drive, Woodbridge, VA
- 1989 Delaware Drive, Woodbridge, VA
- number of units409
- square footage328,066
- 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.