Berkadia is pleased to exclusively present the exceptional investment opportunity to acquire Frontier Apartments (the “Property”) located in Roanoke, Virginia. Located just 10 minutes from Downtown Roanoke, the Property provides easy train accessibility throughout the Mid- Atlantic with access to the Amtrak commuter trail line Downtown (3.7 mi south of the property) that provides daily train service to and from Washington, DC, New York, and beyond. The Roanoke Downtown Historic District, meanwhile, is nationally renowned for its small town charm and ranks among the nation’s most desirable small towns to live in.

Frontier Apartments offers 194 garden-style units across both 1BR and 2BR layouts. Over the past 5 years, the Property has been carefully maintained and updated via a comprehensive interior renovation program where 38 units have been fully renovated with modern, up-to-the-minute interior amenities, achieving in-place premiums of $224 per unit. Additionally, 83 units have also been partially upgraded, achieving average in-place premiums of $97 per unit. The Property’s renovation success is partly being fueled by a strong upward pressure in rents in the Class A segment, where recent Class A deliveries are $400 greater than its Class B peers in the market. Frontier Apartments provides strong proven upside in that its proven renovation strategy can be continued across the 73 remaining classic units, as well as across the 83 of the partial renos.

As the business hub for Western Virginia, Roanoke’s economy is not only underpinned by a strong and growing manufacturing and transportation industry cluster with more than 5,100 supported jobs, but also is fueled by a strong biotech presence with the Carilion Clinic and the Fralin Biomedical Research Institute (FBRI), the largest health system in Virginia’s Blue Ridge and Southwest Virginia. Carilion contributes $3.2B+ to Virginia’s economy and accounts for 10% of the Roanoke Region’s GDP with nearly 24,000 jobs.