ROANOKE, VA – Poe & Cronk Real Estate Group today announced the closing on the sale of 18.18 Acre Multi-Family site on Orange Avenue in the City of Roanoke.
The sale required the assemblage of (5) separate tax parcels from multiple property owners and a zoning change from Commercial to (MXPUD) Mixed Use Plan Unit Development, permitting the development of a 324 unit market-rate apartment community.
This combined property sold for $1,400,000.00. The new owner and developer affiliated with Blue Ridge Companies has developed, constructed, managed, and owned such rental communities in Virginia, North Carolina, South Carolina and Mississippi. Its closest community was constructed 15 years ago and is located in Roanoke County off Alt-220 (The Orchards).
The developers hope to start construction in the spring.
Dennis Cronk, CCIM CIPS CRE and Thom Hubard, CCIM represented the Seller in this