July 25, 2019
Real estate investment firm Four Mile Capital has acquired Old Mill Townhomes, a 156-unit multifamily community in Lynchburg, VA. The sales price of the off-market transaction was $10.7 million.
Built in 1975, the 15-acre community consists of one, two, three and four-bedroom townhome units. Amenities include a pool and fitness center. Greenbrier Management has been selected to manage the property.
As part of the acquisition, Four Mile assumed a 55% LTV Fannie Mae fixed-rate amortizing mortgage. The firm plans to update the pool area and leasing office, as well as invest in energy efficient and water saving measures in the units.
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