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Lindley Estes is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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Haven apartments sold for $39.4 million; city not thrilled with new name

The 232-unit Haven at Celebrate Virginia apartment complex in Fredericksburg sold last week for $39.4 million, according to a deed recorded in Fredericksburg Circuit Court. MAA, a real estate investment trust based in Tennessee, announced the purchase Monday but did not disclose the price. The REIT bought it from South Carolina-based Johnson Development Associates.

Johnson Development owns the rights to the Haven name and did not license it to MAA so as not to cause confusion in the market. Johnson Development is now building a Haven complex near the Spotsylvania Regional Medical Center, and plans a second phase at Celebrate Virginia across from the first one.

MAA changed the name of its new apartment complex to River’s Walk at Celebrate Virginia, which some city officials aren’t pleased with because there is already a subdivision called River Walk in the Bragg Hill area off Fall Hill Avenue. Fredericksburg Police Department spokeswoman Natatia Bledsoe said “the similarity in names could potentially cause difficulties in the dispatching of emergency services to the proper address.” City officials are discussing the matter with MAA, which is now considering a different name.

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Permalink: http://news.fredericksburg.com/businessbrowser/2011/12/13/haven-apartments-sold-for-39-4-million/

  • Anonymous

    Suggestion: Funky Town.