Capital Square Sells Richmond Community for $53M
This 296-unit property will undergo major renovations.
Jones Street Investments Partners has purchased Summit at Bon Air, a 296-unit multifamily community in Richmond, Va. Capital Square sold the asset for $53.2 million, according to Yardi Matrix data.
The sale was subject to a $9.6 million Fannie Mae loan. The same data provider shows that the new owner also assumed the outstanding balance of a 10-year, $25.8 million loan held by Fannie Mae. Capital Square had acquired the community back in 2018 from Willow Bridge for $39.5 million.
Summit at Bon Air marks Jones Street’s second acquisition in metro Richmond. The first closed in October, when the firm purchased a 266-unit community in Chesterfield, Va., for $51 million.
A precise improvement plan
Completed in 1975, the community comprises 37 two-story buildings spread across some 28 acres. The unit mix features one-, two- and three-bedroom floorplans ranging between 872 and 1,375 square feet. Common-area amenities include a swimming pool, a fitness center, a business center, a clubhouse, a resident lounge, a playground, a dog park, laundry facilities, controlled access and 550 parking spaces.
Most of the units at Summit at Bon Air were upgraded with new cabinets, backsplashes, laminate countertops and a tech package. The new owner plans to renovate the remaining 77 apartments as part of a property improvement plan that will also target the parking lot, fencing, grilling stations, landscape and signage.
Located at 1701 Irondale Road, in the Bon Air submarket, the property is some 13 miles from downtown Richmond. The community is within walking distance of several dining options and retail venues such as Huguenot Village Shopping Center; Chesterfield Towne Center Shopping Mall and Huguenot Park are also nearby.
