Aria Legacy Group acquires Roanoke apartments for $5.9 million

Aria Legacy Group (ALG) has acquired West Creek Manor Apartments in Roanoke from the Virginia Housing Development Authority for $5.9 million. The purchase is the Lakewood, N.J.-based firm’s second multifamily investment in the state and its first in the Roanoke Valley region.

“We are particularly excited about Roanoke,” Joe Novoseller, managing principal of ALG, said in a statement.  “It is positioned among the nation’s leading mid-sized communities for economic growth and offers exceptional quality of life in terms of its location, outdoor and cultural activities, burgeoning food and music scene, and more.”

Located on Westside Boulevard, the 25-building, 197-unit, garden-style community offers one-, two- and three-bedroom apartments. Built in 1974 and renovated in 2010, West Creek Manor has a multi-purpose community room, playground, 24-hour laundry facility and on-site management. It is located on the city bus line, minutes from the VA Hospital and major area employers.

ALG acquired the 152-unit Maple Ridge Apartments in the historic district of Lynchburg in December for $8.5 million.

A privately held real estate company, ALG acquires, owns and manages multifamily properties on the East Coast.