Property Type: Garden Style Multifamily
Location: Williamsburg, VA (Hampton Roads, MSA)
Purchase Date: November 2012
Steeplechase is a 220-unit garden-style apartment community built 1986 and completely renovated in 2007. Purchased in November 2012, the property is in very good condition and will continue to be maintained and upgraded by Somerset Partners. Under Somerset’s stewardship, the unit interiors will be upgraded. Steeplechase is located in beautiful Williamsburg, VA, a highly regarded area with strong projected growth. Steeplechase benefits from being close to numerous economic drivers such as the College of William and Mary, Colonial Williamsburg, the Budweiser Brewery, and the Busch Gardens and Water Country theme parks. Approximately one mile east from the property is New Town, a major 365-acre lifestyle community and retail destination, with over 170 shops and restaurants, a host of service businesses, and residential units. The 220 units are spread out across 11 two and three-story residential buildings. An additional property amenities include club room, fitness center, leasing center, Detached garage spaces, resort-style swimming pool, volleyball court, dog park, and Gazebo with barbeque and picnic area. The property offers one, two, and three-bedroom floor plans averaging 868 square feet. Steeplechase has excellent visibility and frontage along Monticello Avenue.