American Landmark Acquires Richmond Community

This purchase marks the firm's first in Virginia since 2016.

Boulders Lakeside Apartments. Image courtesy of American Landmark

American Landmark Properties has acquired Boulders Lakeside Apartments in North Chesterfield, Va. The 248-unit apartment community is American Landmark’s first multifamily acquisition in Virginia since 2016. Dominion Realty Partners was the seller.

Bearing an address at 1006 Boulder Lake Terrace, Boulders Lakeside Apartments was built in 2020. The seven three-story buildings spreading across a nearly 25-acre parcel feature a construction of blended materials. The unit mix includes one- and two-bedroom floorplans that extend in size from 757 to 1,156 square feet.

Features and finishes of the apartments include digital locks in all units, private balconies or patios, outside storage areas, semi-private entrances, and above-standard ceiling heights. The list of common-area amenities is topped by a fully equipped yoga, TRX and cycling studio. Occupancy at the time of sale stood at 98 percent.

Simple financing

“Fortunately, Boulders was a fairly straightforward transaction, and actually one of our easiest and fastest closes, 45 days,” Christine DeFilippis, chief investment officer of American Landmark, told Multi-Housing News.

“Financing was made simple by our banking relationship with Capital One, (which) replicated a previous deal we did. Internally, it was a challenge as it is our re-entry into Richmond, and will be a sole asset in that market for the time being. We got around that with our in-house management platform flexibility and assigned a strong senior manager to oversee that asset, so we can maintain economies of scale with our North Carolina market and ensure simple oversight.”

Boulders Lakeside Apartments is situated within a 14- to 17-minute drive from the University of Richmond, Virginia Commonwealth University and Virginia Union University. Three shopping centers are located within 2.2 miles. Parks and recreation in the area include Forest Hill Park, James River Parks, Byrd Park, Maymont House & Park and Huguenot Park, all within a 12-minute drive of the property.

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