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Virginia Senior Living Construction

Preston Lake

Luxury Apartment Community
Harrisonburg, Virginia
Start date: Spring 2018

Harrisonburg, VA – Park Properties Management Company, a Charlottesville, VA-based property management firm, today announced details of a new 144-unit apartment development located just off of US-33 East and Massanetta Springs Road, about 10 minutes from downtown Harrisonburg.

Primarily one and two-bedroom apartment homes, the luxury community will feature smart and efficient design elements and a uniquely crafted style perfectly suited to the already established Preston Lakes neighborhood. Amenities will include community building with state of the art fitness center, resort-style swimming pool, and dog park.

Construction will be handled by Pinnacle Construction and Development, an affiliate of the management company, and is slated to start Spring 2018, with an anticipated completion date of Spring 2019.

Groundbreaking ceremony Pinnacle Construction at Fieldstone in Blacksburg Virginia

Fieldstone

Multifamily
Blacksburg, Virginia
Start date: April 2016

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

Multifamily
Winchester, Virginia
Projected Completion: 2017 - 2018

Lofts at Meadowcreek Apartments

Multifamily
Charlottesville, Virginia
Projected Completion: 2018