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Virginia Senior Living Construction

Fieldstone

Multifamily
Blacksburg, Virginia
Start date: April 2016

Groundbreaking ceremony Pinnacle Construction at Fieldstone in Blacksburg Virginia

Pinnacle Construction and Development Corporation is pleased to announce the groundbreaking on Fieldstone, a 144-unit Low Income Housing Tax Credit rental community in Blacksburg, Virginia. The 11 acres site is located on Givens Lane between Route 460 and North Main Street.

When completed in late 2017, 84 apartments will be reserved for households with incomes at or below 60% of the area median income (AMI). In 2015, for a family of three, the 60% income threshold was $36,420; for a family of four, the 60% income threshold was $40,440.00.

An additional 60 apartments will be designed for senior (55+) households and include universal design standards for aging in place. The senior apartments are reserved for households with incomes at or below 50% and 60% AMI.

Amenities at Fieldstone will include a community building with fitness center, gardens, playground, picnic area, and trails. The community will be developed in accordance with EarthCraft sustainable standards for site design and building.

The community will be professionally managed by Park Properties Management Company, an affiliate of the developer and a Virginia Housing Development Authority certified property manager.

Funding sources include equity through purchase of Low Income Housing Tax Credits by the Richman Group, a construction loan through Ameriserv, and permanent financing through the Virginia Housing Development Authority. The County of Montgomery and the Town of Virginia approved incentives which lowered the project’s expenses and assisted in the successful applications for tax credits. In addition to the staff of Pinnacle Construction and its affiliates, the development team includes Balzer and Associates, Inc. (Engineering), dBF Associates, Architects, and Hirschler Fleischer (Legal).

The Lofts at Jubal Square

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Projected Start: 2015

Big Sky II Apartments

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Lofts at Meadowcreek Apartments

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Windigrove Apartments

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Highlands at Huckleberry Ridge

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Waynesboro Place Development Sparks Excitement

A partnership between PCDC and Triangle Realtors is building up quite a buzz in the Waynesboro, Virginia area and the surrounding community. Waynesboro Place is a mixed use construction development with a unique business blend. Waynesboro Place includes Windigrove Apartments, professionally managed by our sister company Park Properties Management Company, and this Virginia building development adds a whole new dimension of economic opportunity to a quickly growing part of Waynesboro. Check out the coverage from both NBC 29 of Charlottesville:

Waynesboro Place Development Crops Up Near I-64

and The News Leader of Staunton:

Apartment complex coming up in Waynesboro