Lion Real Estate Group Acquires 168-Unit LIHTC Community Timber Ridge From PedCor Partnership in Lynchburg, Virginia
Lion Real Estate Group has acquired Timber Ridge, a 168-unit Low-Income Housing Tax Credit multifamily community in Lynchburg, Virginia, from PedCor Partnership, the firm announced Aug. 19. The transaction adds a fully affordable, institutional-quality asset to Lion's growing Sun Belt portfolio and represents the firm's continued deployment of capital into LIHTC-restricted properties in 2026.
Financial terms of the acquisition were not disclosed.
Property Overview: Timber Ridge in Lynchburg, Virginia
Timber Ridge, located at 7500 Timberlake Road in Lynchburg, VA 24502, comprises approximately 181,500 square feet of rentable area across just over 21 acres. The community was built in two phases in 2008 and 2009 under the Section 42 LIHTC program and offers one-, two- and three-bedroom apartments ranging from approximately 744 to 1,283 square feet. Community amenities include a clubhouse, playground, and pool.
The property is 100% affordable and operates under long-dated regulatory agreements that preserve affordability through 2058 for Phase I and through 2059 for Phase II, providing more than 30 years of remaining restriction term. Prior to the acquisition, Timber Ridge was owned and operated by PedCor Partnership and managed by Pedcor Management Corporation, headquartered in Carmel, Indiana.
The community's affordability structure means units are income-restricted under LIHTC limits rather than supported by project-based rental assistance. Monthly rents at the property have been listed in the range of approximately $493 to $618 for one- to three-bedroom apartments, placing them substantially below nearby market-rate multifamily rents in Lynchburg.
Lion Real Estate Group's LIHTC Strategy and Fund III Deployment
Founded in 2007 by Mory Barak and Jeff Weller, Lion Real Estate Group is a vertically integrated multifamily investment and management firm. Since inception, the firm has acquired more than $1.2 billion in assets comprising 107 multifamily communities with over 11,000 units across 10 states, with a concentration in Sun Belt markets including Atlanta, Austin, Dallas, Denver, and Nashville.
The Timber Ridge acquisition follows Lion's purchase of Berkley Spring, a 42-unit LIHTC family community located at 14 Good Hope Road in Lawrenceburg, Tennessee, announced in late June 2026 as part of Lion's Fund III, which closed in 2025. That transaction was framed by the firm as a return to LIHTC investing, building on earlier experience with Bayside Communities in Walnut Creek, California. Berkley Spring comprises six buildings — five residential and one clubhouse — across approximately 45,748 rentable square feet on just over nine acres, and has maintained 100% occupancy with an average occupancy rate above 96% over the prior two years.
The long remaining compliance periods on Timber Ridge — extending to 2058 and 2059 for its two phases — reduce near-term conversion optionality but strengthen visibility of stable occupancy and cash flow in an undersupplied affordable segment, a profile that has attracted institutional capital to LIHTC assets in strong secondary markets.
Lynchburg Market Context
Lynchburg, Virginia, is a mid-sized secondary market in the central Virginia region. The long-dated regulatory agreements on Timber Ridge provide investors with durable cash flow visibility over a multi-decade horizon, a characteristic that differentiates stabilized LIHTC product from conventional value-add multifamily.
Timber Ridge's unit mix — spanning one-, two- and three-bedroom configurations across approximately 181,500 rentable square feet — positions it to serve a range of workforce and family households in the Lynchburg area, consistent with the community's original development intent under the Section 42 program.
About the Parties
Lion Real Estate Group, based in Nashville, Tennessee, focuses on multifamily acquisitions and asset management across Sun Belt markets. PedCor Partnership is affiliated with Pedcor Management Corporation, an Indiana-based affordable housing developer and operator with a national portfolio of LIHTC communities.