Virginia Beach – January 13, 2010 - The Breeden Company, one of the mid Atlantic’s largest real estate companies, announced today the acquisition of The Townes at Jones Run resulting in 800 apartments within a 5 mile radius of Newport News.
The Townes at Jones Run, located directly off of Jefferson Avenue and less than one mile from Interstate 64, is conveniently positioned near numerous retail centers and several of the areas largest employers. Situated on 24 acres of land, the community is comprised of 300 townhome style apartments. The 2008 interior unit renovations resulted in updates throughout each home and compliment the solid foundation of the original 1986 structure. Residents have access to an array of community amenities including a newly added swimming pool, fitness center, playgrounds and picnic areas. The community will operate under the Breeden Property Management.
The extensive experience in the area was a key component to enticing the company to the $25 million acquisition.
"The Townes at Jones Run has an exceptional location in a market that we know exceedingly well. It offers the opportunity to add value through a repositioning strategy of capital improvements and a strong, experienced management team,” said Tim Faulkner, president of Breeden Property Management. "This acquisition adds to our investment in an area that we have identified as encompassing positive indicators for growth in the multifamily sector."
About The Breeden Company
For nearly half a century, The Breeden Company has built a solid reputation in the residential, multi-family, commercial and resort development industries. The Company has developed, built and operated over 4,200 apartments with an additional 400 units under construction, 2 million square feet of commercial shopping center and office space with an additional 60,000 under construction, and 1,700 residential homes. The organization’s diverse business model and successful track record has made The Breeden Company a leader in the real estate industry.
Alanna Doczi Deal
Vice President of Corporate Marketing, The Breeden Company | 757.486.1000