Affordable Virginia Community Gets New Owners
The property is located near the University of Virginia.
Amurcon Realty Co. has sold Rio Hill Apartments, a 139-unit affordable housing community in Charlottesville, Va. Palatine Capital Partners purchased the property for $26.6 million, according to Albemarle County records. Berkadia arranged the sale.
Rio Hill originally came online in 1995, with apartments designated for residents earning roughly 50 percent of the area median income, according to Yardi Matrix. The garden-style community offers two- and three-bedroom floorplans averaging 1,152 square feet. Each apartment has in-unit laundry. The average monthly rent is listed as $1,345, Yardi Matrix shows.
Rio Hill Apartments was built on 9.5 acres across six buildings spanning three floors each. Shared amenities at the property include a swimming pool, basketball court and playground. The site offers 210 parking spaces, Yardi Matrix shows. Rio Hill has shown strong leasing momentum, which made it a compelling asset for acquisition, Berkadia’s Managing Director Carter Wood said in prepared remarks.
READ ALSO: April Affordable Housing Report
Rio Hill Apartments sits at 1610 Rio Hill Drive near Route 29 and Interstate 64. The University of Virginia and Chris Greene Lake Park are 6 and 7 miles away from the community, respectively. Retailers such as Costco, Whole Foods, Home Depot and Lowe’s are within 5 miles.
Berkadia’s team, including Senior Managing Director Drew White, Managing Director Carter Wood, Senior Director Matt Straughan and Director Cole Carns of Berkadia Richmond, along with Senior Managing Director Brandon Grisham and Senior Director Jordan Skyles of Berkadia Affordable Housing, facilitated the deal on behalf of Amurcon Realty Co.
Berkadia’s Virginia activity
Berkadia has been active in the state of Virginia, facilitating the sale of multiple multifamily assets across various markets and classes. For example, at the end of 2025, DF Ventures sold Compass at City Center for $75.5 million in a deal arranged by the firm. Penzance acquired the property.
In November 2025, the Berkadia arranged the sale of Livano Norfolk. Kushner purchased the 295-unit property from LIV Development and rebranded the community as District 757.
Separately, Greystar is developing Old Ivy Residences, a 336-unit community located near Rio Hill Apartments. The project will bring a mix of multifamily apartments and build-to-rent homes to the market when it comes online in the second quarter of 2026.
