Brick Lane has acquired Falling Creek Apartments, a 348-unit community in the North Chesterfield area of Richmond, for $25 million from BAF Associates.
HFF secured joint venture equity and debt financing for the transaction, totaling $26 million. National Property REIT Corp. (NPRC) provided $6.7 million in joint venture equity, while Freddie Mac provided a $19.3 million, 12-year fixed-rate loan through its CME Program.
Falling Creek Apartments is situated at 2530 Marina Drive, less than one mile from Jefferson Davis Highway and Interstate 95. The property comprises 221 one-bedroom and 130 two-bedroom units, ranging from 464 to 779 square feet. According to Yardi Matrix, the 32 buildings constructed in 1964 are accompanied by 350 parking spots. Downtown Richmond is situated about 9 miles away.
“Falling Creek aligns with the core strategy of both Brick Lane and NPRC, both of which seek well-located properties that can benefit from institutional ownership and operations,” said Jamie Leachman, senior director at HFF, in a prepared statement.
The current is the second property owned by Brick Lane in the Richmond MSA, Yardi Matrix data shows. The company has acquired, delivered or has under development more than 1.5 million square feet of multifamily and mixed-use projects across several other metros.
Image courtesy of Yardi Matrix