Williamsburg area town homes bought as investment property

Growth Equity Group, a real estate company specializing in residential income-producing investment properties, announced Thursday it has acquired some of the Midlands Townhomes.

The townhouses are on Midlands Drive off of Strawberry Plains Road.

Growth Equity Group acquired 32 of the 145 units at Midlands, including two- and three-bedroom units ranging in size from 1,020 to 1,189 square feet.

The company recently acquired the Timberwoods development in Newport News.

According to the company, "The property is supported by strong economic growth trends and demographic factors including a growing population of students."

In a statement, Brett Immel, senior partner and cofounder of Growth Equity Group, called the area "one of the strongest rental markets in Virginia."

"...We believe the Midlands Townhomes development provides individuals with a compelling opportunity to add income-producing assets to their investment portfolio,” Immel said.

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