Belleview Apartments (the “Property”) was built in 1911 as the first public school in the town of Orange and operated as such until the 1970s. In 2002 ownership converted the Property to an affordable apartment community which, in partnership with a regional property management partner, has enjoyed solid occupancy and minimal turnover. The Property’s current age, income, and rent provisions expire in
2031, at which time new ownership can extend or amend those provisions or convert the property to market rate apartments. Orange is a historic and picturesque town just north of Charlottesville known for its charming downtown, rich history, and natural beauty. Orange is known for its well-preserved historic downtown area, where the Property is located, features charming streets lined with historic buildings, shops, and restaurants.
STRONG HISTORICAL AND CURRENT OCCUPANCY
- The Property has a history of full occupancy with minimal turnover and is currently 99% occupied.
HIGH BARRIER TO ENTRY MARKET
- There are no properties competing with Belleview and no new senior apartments in the development pipeline in or around Orange, VA.
LONG TERM VALUE
- Seniors are largest demographic cohort in a 5-mile radius and the senior population is forecast to continue growing over the next five years.
- Conveniently located between the affluent markets of Charlottesville and Fredericksburg, VA, the Property is also at the heart of downtown Orange’s historic Courthouse District.