Linden Property Group Case Studies
Walnut Hill, a Linden Community
Petersburg, VA
In April 2021, Linden Property Group acquired Walnut Hill, a 168-unit affordable LIHTC apartment community in Petersburg, Virginia, as part of its affordable housing investment thesis. Over the course of ownership, Linden implemented a robust value-add strategy that included $1.6 million in capital improvements, approximately $9,000 per unit, bringing total project costs to $14.4 million. The team stabilized occupancy above 95% and reduced economic vacancy from 17% of income to 5% within just eight months. Linden upgraded 90 apartment units, achieving average rent increases of $250 per unit on turn, and enhanced community amenities including new seating and grill areas, an upgraded playground, and a fully renovated clubhouse. The successful turnaround ultimately led to a sale in 2024 to a national affordable housing investor for $18.3 million, delivering a 25% gross IRR to Linden’s investors.
Key Metrics
Nearby Employers / Employment Nodes
Petersburg High School – 1.3 miles
Virginia State University – 2.6 miles
Southside Regional Medical Center – 3.6 miles
Central State Hospital – 4.2 miles
Southpark Mall Retail Complex – 4.2 miles
Fort Lee Military Base – 6.0 miles
Amazon Fulfillment Center – 7.0 miles
Walmart Distribution Center – 8.7 miles
Capital Improvements
Service Improvements:
Increased office hours
Added new resident service events
Improved quality of on-site leasing & maintenance staff
Exterior and Common Area Improvements:
Added new grilling stations, pergola seating, pool refresh, and a renovated clubhouse
Repaved parking lots & sidewalks and pressure washed buildings
Refreshed landscaping & added new signage
Unit Renovations:
Fully renovated kitchens & bathrooms
New lighting, paint, hardware, and accessories throughout unit
New carpet flooring in bedrooms
Linden at Parkside
Richmond, VA
In January 2020, Linden Property Group acquired Linden at Parkside, a 156-unit garden style townhome community located in Henrico, Virginia. Since purchasing the property, Linden successfully repositioned the community from Class C to Class B through apartment renovations, common area additions, building system improvements, and landscaping enhancements. Implementing best-in-class property management has proved effective as economic occupancy increased from 86.3% to 93.5% within 24 months without displacing long-term residents. Throughout the pandemic, the on-site team proactively enrolled residents into rental assistance programs, collecting $275,000 in rental relief funds and limiting bad debt write-offs to 1.3% of scheduled revenue. Linden at Parkside is conveniently located within 3 miles of both Interstate 95 & 64 providing access to strong workforce housing employment drivers throughout the Richmond MSA.
Key Metrics
Nearby Employers / Employment Nodes
Henrico High School – 0.5 miles
Amazon Robotics Center – 1.5 miles
Virginia Union University – 3.5 miles
Virginia Commonwealth University – 4.7 miles
Medical College of Virginia – 5.2 miles
Virginia State Capitol – 5.5 miles
Glen Allen, Virginia – 6.7 miles
Richmond International Airport – 11.6 miles
Capital Improvements
Exterior and Common Area Improvements:
Added new clubhouse, grilling stations, pergola seating area, and dog park
Repaved parking lots & sidewalks and replaced roofs
Refreshed landscaping & added new signage
Unit Renovations:
Fully renovated kitchens & bathrooms
New lighting, paint, hardware, and accessories throughout unit
New flooring in bedrooms and bathrooms