Middleburg, a Virginia-based real estate investment, development and management firm, has closed on the acquisition of Arcadia Park, a blighted and mostly abandoned apartment community in Louisville, KY. Arcadia Park, currently consisting of 418 identical two-bedroom apartments, will undergo a dramatic $16 million renovation at the hands of Middleburg, who has previous experience in bringing capital and expert in-house management and construction to properties that are underserving their communities. The property will be rebranded Vesta Derby Oaks, honoring neighboring Churchill Downs. The Louisville City Council has approved the creation of a TIF (tax increment financing) district for the property, reflecting the strong support from both city leaders and residents for Middleburg’s transformative vision for the property.
“Middleburg is excited to lead the transformation of this property, developing it from broken to something that is renewed, safe, welcoming and still affordable to the residents of this community,” said Middleburg Property Management President, Duane Wooldridge. “Importantly, current residents will have the opportunity to remain at Vesta Derby Oaks and we intend to also implement our Local Heroes program, setting aside 5% of our units to provide those who work on behalf of our communities — teachers, firefighters, police officers and EMTs — with discounted rent.”
Vesta Derby Oaks will undergo an extensive renovation to transform the property into essentially a new property, including all new siding, windows, roofs, interiors, plumbing, HVAC and electrical systems, new energy star appliances, LED lighting and improved sidewalks and landscaping. The renovation will include the creation of a mix of 418 one-, two- and three-bedroom units to better respond to the needs of residents.
About Middleburg: Middleburg is a fully integrated multifamily development, investment, and management company operating in the southeastern and mid-Atlantic United States. Since 2004, Middleburg has acquired and developed more than 16,000 apartment units, executing approximately $2.0 billion in transactions. The Middleburg team shares a vision for greater value creation through community impact. The firm’s success is rooted in a genuine desire to serve its local communities in thoughtful and holistic ways. Middleburg embraces people, property, and partnerships to enhance the lives of others, contribute positively to its neighborhoods and maximize real returns for partners. For more information, please visit www.LiveMiddleburg.com.
Link to media coverage about Vesta Derby Oaks: