RICHMOND, VA. — Marcus & Millichap has arranged the $4.2 million sale of Bradford Manor Apartments in Richmond. Neither party to the transaction was named. Bradford Manor Apartments, located at 2027 Fairfield Ave., was built in 1970 and consists of 56 two-bedroom, two-bath units. Marcus & Millichap’s Kristina Ermyakina led the transaction.
VIRGINIA BEACH, VA. — Bonaventure has acquired Royal Pointe Apartments in Virginia Beach for $39.5 million. The purchase of the 208-unit property was completed through Bonaventure Multifamily Income Trust (BMIT) and incorporated a combination of tax-saving structures, including a partial 1031 exchange and a 721 exchange (UPREIT). Bonaventure worked with Greystone to assume the property’s existing financing as part of the acquisition. The seller was not specifically disclosed, but Featherstone acquired the property in 2022. Royal Pointe Apartments was built in 1987. Bonaventure plans to execute a series of enhancements …
PETERSBURG, VA. — Greencove Group has sold Ivy Gates in Petersburg, about 30 miles south of Richmond, Virginia, to CCM for $17.7 million. SYM Properties has been named manager of the community under the new ownership. Drew White, Carter Wood, Matt Straughan and Cole Carns of Berkadia Richmond arranged the sale on behalf of the seller. Located at 101 Ivy Lane, Ivy Gates features two- and three-bedroom tri-level townhome apartments ranging from approximately 1,369 to 1,677 square feet. Residences feature private entrances, patio areas, separate dining spaces, hardwood flooring and …
RICHMOND, VA. — Middleburg and Harbor Group International have secured an undisclosed sum of construction financing to build Scottwood, a 299-unit property in Richmond. Construction is underway with completion slated for 2027. Truist Bank funded the loan. Henrico County has designated the area surrounding Scottwood as a special focus area for mixed-use development. The community will consist of two four-story buildings, one with 132 units and the other with 167, as reported by Richmond BizSense.
RICHMOND, VA. — Walker & Dunlop has arranged $132 million in financing for a joint venture’s redevelopment of a former bus station in Richmond. AIP, Pointsfive and Bridge Investment Group will replace the Greyhound terminal at 2910 North Arthur Ashe Blvd. in Richmond’s Scott’s Addition neighborhood with a 550,000-square-foot property comprised of 396 apartment units and approximately 14,000 square feet of retail. The capital stack includes equity and an $85.6 million construction loan provided by Madison Realty Capital. The bus station and service depot was in operation from approximately 1984 …
NORFOLK, VA. — Harbor Group International (HGI) will acquire 11 properties from AH Realty Trust (NYSE:AHRT) for $562 million. The 11 assets represent the majority of Virginia Beach-based AHRT’s multifamily portfolio. The REIT will retain Smith’s Landing and plans to separately market its remaining two properties, The Everly in Roanoke, Virginia, and Solis in Gainesville, Georgia. HGI has provided a $15 million nonrefundable deposit, and the all-cash transaction is not contingent on financing. The transaction is expected to close by mid-year. AHRT’s long-term goals are to simplify its platform by …
PRINCE GEORGE, VA. — Aspen Oak Capital Partners has acquired Independence Place Apartments in Prince George for $39 million. Northmarq’s Charlotte, North Carolina-based investment sales team led by Ron Corrao, Eric Liebich, Scott Fuller, Dane Lozier, Matthew Weinstein and Dominic Bologna represented the undisclosed seller. The property, built in 2011, is situated on approximately 14 acres and includes 11 three-story garden-style buildings and an additional building that houses the clubhouse and leasing office. Independence Place’s amenity package consists of a 24-hour fitness center, resort-style pool, game room, sand volleyball and …
NORTH CHESTERFIELD, VA. — Dominion Realty Partners has sold Boulders Lakeview, a 212-unit property in North Chesterfield, approximately 11 miles west of Richmond, Virginia. Drew White, Carter Wood, Cole Carns and Matt Straughan of Berkadia Richmond arranged the transaction on behalf of the seller. American Landmark of Tampa, Florida, acquired the property for an undisclosed sum. Located at 1501 Boulder Spring Terrace, Boulders Lakeview is a 2023-built, garden-style property offering a mix of one- and two-bedroom units. Amenities include a resort-style pool with a firepit lounge and cabanas, a clubhouse, …
MCLEAN, VA. — Berkadia has arranged the sale Kingston at McLean Crossing, a 319-unit property in McLean that was developed in 2018. JLL Income Property Trust and LCOR were the sellers. Pantzer Properties was the buyer. The deal closed on Jan. 30, at which time the asset was 96 percent occupied. Berkadia’s Brian Crivella, Yalda Ghamarian, Bill Gribbin and Jack Canepa of Berkadia DC Metro represented the sellers. Since the acquisition, Pantzer has rebranded the asset The Point at McLean. Located at 7480 Birdwood Ave., Kingston at McLean Crossing comprises …
NEWPORT NEWS, VA. — A joint venture between Washington, D.C.-based Penzance and McLean, Virginia-based Kettler has acquired the 396-unit Compass at City Center in Newport News. Drew White, Carter Wood and Cole Carns of Berkadia’s Richmond office arranged the sale on behalf of the sellers, C-III Capital Partners and Drucker & Falk. Patrick McGlohn, Brian Gould, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia DC Metro arranged an acquisition loan on behalf of Penzance and Kettler. Located at 501-A Waters Edge Drive, Compass at City Center was built in …
