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We have been living in a "high end" apartment complex for 2 years. Rent payment always on time. No other issues, such as complaints. We have just been told our rent will renew 40% above what we are currently paying. We've begun canvassing other residents, and they are facing only 4% increases. We do not yet need assisted living, nursing care, etc. Any advice appreciated. Thanks.

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Have you talked to the landlord - are you sure this isn't just a typo?
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See a tenant rights attorney NOW with all your information. If there are no other facts in the case than this, then you have a real case for discrimination here.
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May be they want you out. However, make sure there us no mistake.
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"How much can a landlord raise the rent? There is no rent control in Virginia. Therefore, there is no limit on rent increases a landlord can impose, but they must give a 30-day written notice of the increase. If a tenant objects to the new rent amount, they have the right to vacate the unit within that 30-day period."

You may have an argument that other residents were only charged 4%. I have you confirmed this amount as correct and if so why so much. Age should not come into this. Call your County Housing authority and if that doesn't go anywhere, get a lawyer. I did read that local municipalities can have rent control.
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Have you called the management office to confirm that it's actually 40%?

If it is, my next call would be to my attorney.
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