Haven at Celebrate Virginia success story

    Fredericksburg, VA
    Class a
    232 units

    • New Construction, lease up opportunity where the on-site management staff was fully hired in January 2011
    • Captured 60 net leases prior to delivery of first units and clubhouse (March 2011) resulting in a pre-leased ratio of 26%
    • Secured 151 net leases between March and June 2011, reflecting 89% leased
    • Successfully reached stabilization in less than four months and closed July 2011 at 92% leased and 82% occupied
    • Increased scheduled pro-forma rental rates by 19% during the lease up period
    • Presented the Delta Associates award for ‘Best Lease Up Pace for Northern Virginia' (2011)
    • Positioned the property for transition (sold December 2011) after less than one year of operation