Middleburg Communities (Middleburg), a Vienna, Virginia-based real estate investment, development and management firm, has reached stabilization on the substantial renovation, repositioning and leasing of three workforce housing apartment communities totaling 956 units in the Atlanta area. Vesta Bouldercrest, Vesta Adams Park and Vesta Camp Creek were predominantly vacant and in a state of extreme disrepair when Middleburg acquired the properties. The company invested a total of $91.0 million including acquisition and renovation costs for all three properties.
“Middleburg has completed a complete transformation of these three communities, now bustling with residents and community activities. We are very pleased to have preserved and improved the quality and quantity of workforce housing in Atlanta,” said Middleburg Management President, Duane Wooldridge. “Through the intensive work by our development, construction and operations teams, each community is now essentially a new asset and will fill an extreme void in the dearth of workforce housing in this region. Middleburg is uniquely able to take on a portfolio project of this magnitude and then continue to lease and operate it once completed.” Middleburg is a fully integrated development, construction and management company and managed every aspect of the renovations.
Residents of all three properties will benefit from new energy efficient HVAC units and upgraded and renovated finishes for the one, two, and for Camp Creek and Adams Park, three-bedroom apartments. Apartment units now offer new drywall, LVT flooring in the common spaces with carpet in the bedrooms, new cabinetry, granite countertops, modern lighting fixtures, new energy efficient appliances and water fixtures. The exteriors of the buildings benefited from having all siding either repaired or replaced and painted and new gutters and downspouts installed throughout. With the unit work completed, Middleburg is expanding the amenities in each community, adding community rooms, fitness centers, playgrounds, grill areas where they previously didn’t exist and renovating swimming pools and basketball courts where they had been allowed to degrade in prior years.
Vesta Bouldercrest, Vesta Adams Park and Vesta Camp Creek feature Middleburg’s signature program, Local Heroes, which respects and honors firefighters, police officers, emergency medical technicians and K-12 public school teachers by providing them with a rent discount at all Middleburg owned and developed communities. Middleburg launched Local Heroes as an expression of its strong belief that those who serve our communities should be able to live in our communities.
Middleburg Communities Founder and Managing Partner, Chris Finlay, also founded in 2015 Shelters to Shutters, now a national 501(c)(3) organization that transitions individuals and families from homelessness to economic self-sufficiency by educating and engaging the real estate industry to provide employment and housing opportunities.