Multifamily Value-Add: Underway

Rice Pegher acquired this 152 unit garden style apartment community located in Baden, PA in Q4 2025. This asset has been on our radar for many years as a perfect candidate for our value add workforce housing strategy given its strategic location in Beaver County, limited competition, solid construction and siting, and potential upside for the community and our investors.

We acquired the asset well below replacement cost and funded a significant renovation and Capex budget upfront so we could begin transformation immediately upon closing. The reconstruction and repositioning includes new parking lots in both locations, refreshed exteriors and water mitigation, new windows, new mechanicals and building systems, full unit turns including new flooring, kitchens, bathrooms, paint, and lighting, interior common area upgrades, rebranding, and a rental experience residents can trust. When the work is done, it competes with brand-new construction on fit and finish, at a price the workforce that lives here can actually afford.

As of Q3 2026, we are approximately 60% complete with our renovations and we’re already running 89–96% of the way to stabilized rent targets.

What Residents Are Saying

“The building itself is exceptionally well maintained. The common areas, hallways, landscaping, and exterior were always clean, fresh, and taken care of… What truly made my time here special was the management, especially Property Manager Angie Wanner. Angie is an absolute gem! She is professional, incredibly responsive, and genuinely cares about her tenants… It felt like a well-run, thoughtful community rather than just another apartment complex.” — Charles, former resident (1-year tenant)

Why It Matters

Virginia Junction is our product in practice: buy a tired garden-style community, rebuild it from the studs out, and deliver new-construction quality at a workforce price with professional on-site management. There’s work to be done, but the results are already being proven out and the residents are noticing!