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The sale is being held up because a presidential disaster declaration triggered a requirement that many homes purchased with FHA loans get reinspected because of potential damage from the Canyon Fire.
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The Elco/Timbercreek partnership has also purchased the 476-unit Heatherwood Apartment Homes in Charlotte, the 229-unit Colonial Village at Canyon Hills in Austin, Texas and the 425-unit Autumn Hill.
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“We wanted to go with a VA lender,” says Marissa Avila, 33, a self-employed small-business consultant in Norfolk, Virginia. Her husband Greg, 36, is in the Navy, so they were eligible for a loan.
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Austin; Chapel Hill, N.C.; Charlottesville, Va.-Elco Landmark Residential and Timbercreek Asset. Colonial Village at Canyon Hills, a 229-unit property built in 1995 and located in Austin, Texas;.
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