The Regency at Longhill apartments have a new landlord.
Seminole Trail Management LLC. bought the apartment complex for $26.25 million. The deal closed March 3.
David Hudgins, senior director with Berkadia, represented the previous owners, Phillip Richardson Company. He said the company’s owner died about a year ago.
The apartment complex, 5302 Lane Place Drive, is made up of 224 one-, two- and three-bedroom units and community amenities include a swimming pool, playground, clubhouse and an outdoor area with grilling stations, according to the Berkadia news release.
“It’s a pretty nice property,” Tim Slagle, CFO of the management company based in Charlottesville. “It had some deferred maintenance––we think we can improve the property and make it a nicer place.”
The property was put under contract in early January, he said, and they are currently working on improvements such as roof replacements, landscaping and refurbishing the interior with new countertops and fixtures.
Slagle added he doesn’t plan on changing the name of the apartment complex.
“We’re in the process of setting up a website for all our current properties,” he said.