Berkadia Completes Nearly $34 Million in Combined Sales for Three Multifamily Properties in Virginia

July 12, 2019

Berkadia Completes Nearly $34 Million in Combined Sales for Three Multifamily Properties in Virginia

July 12, 2019
15768

Multifamily Properties Sell in Richmond and Lynchburg | Virginia Business

Four Apartment Complexes in South Richmond Sold for More Than $43 Million | Richmond-Times Dispatch

NEWPORT NEWS, Va. – July 15, 2019 – Berkadia announced today combined sales of just under $34 million for three multifamily properties in Richmond and Lynchburg, Virginia. Senior Directors Alan Meetze and David Hudgins of Berkadia’s Newport News, Virginia office led the transactions.

The properties sold include:

  • Ashton Square is a garden-style, multifamily property located at 603 Westover Hills Blvd. in Richmond, Virginia. The property sold for $20.75 million or $55,780 per unit and the Berkadia team represented the seller, Ashton Square Apartments GP LLC. The buyer was Seminole Trail Annex, LLC, and the deal closed on June 28. The 372-unit, three-story property was built in 1964 and is located in Southside Richmond.
  • Westover Hills, a 38-unit multifamily property which sold for $2.47 million, or $65,000 per unit, is located next door to Ashton Square at 602 Westover Hills Blvd. in Richmond, Virginia. The seller was Richmond, Virginia-based Thalhimer Realty Partners in the sale, which closed on July 1. Seminole Trail Annex, LLC was also the buyer in this transaction.
  • Old Mill Townhomes, a multifamily property in Lynchburg, Virginia, sold for $10.75 million to Old Mill Acquisitions on July 1. The sales price reflects a per-unit price of $68,910. Berkadia represented the seller, Richmond, Virginia-based DD Overlook LLC. Located at 725 Mill Stream Lane, the 156-unit property was built in 1975 and affords convenient access to employers such as Aerofin and AREVA.

“Old Mill presents an ideal fit for the buyer to continue adding holdings in secondary markets. The property offers opportunities for both value-add and management initiatives and matches the buyer’s acquisition strategy,” said Hudgins.

“The combination of Ashton Square and Westover Hills presents the buyer with 410 units in the Southside district and compliments other holdings in the market,” said Meetze. “The properties are ideal value-add plays, which is the buyer’s strength. Significant renovations should be underway soon.”