The Noelle at Brooke Hill Apartments includes the rehabilitation of a 292-unit multi-family apartment complex for rental to families of low and moderate income. The property consists of a mix of one, two and three-bedroom attached town-homes located within 25 two-story residential buildings, along with 434 parking spaces. Common area amenities include a swimming pool, picnic area, basketball court, multi-purpose sports court, two playgrounds and a laundry room. A fitness center, learning center, laundry center and community room will be added in a newly constructed 3,300 sq ft Community Clubhouse.

The Noelle at Brooke Hill Apartments is located in the Northeast portion of Richmond/Henrico County, Virginia, which is in close proximity to Interstate 95, providing access to both downtown Richmond and the northern Virginia suburbs of Washington, D.C.

275,380 net rentable sq ft on 22.75 acres

The property provides safe, affordable housing to low-income families in a market where the affordable rental housing stock is shrinking. All of the 292 units will be rented to households earning less than 60% of the median income for the area.

Royce Affiliates, a private development firm based in New York City.

• Equity financing provided by Phoenix Realty Group LLC, a national real estate investment firm providing capital and expertise to urban developers for the creation of middle market for-sale housing, urban smart growth development, low-income tax credit housing, and community revitalization projects.
• Acquisition, rehabilitation, and permanent loan financing provided by Lord Abbott Municipal High Yield Fund, as the purchaser of Private Activity Tax Exempt Bonds issued by the Harrisonburg Redevelopment and Housing Authority./li>