294-Unit Richmond Community Finds New Owner

Local buyer McCann Realty shelled out nearly $29 million for the Henrico County property.
Hickory Creek, Richmond, Va.

Hickory Creek, Richmond, Va.

Richmond, Va.McCann Realty Partners, a Richmond-based investor, recently acquired Hickory Creek, a 294-unit property in Virginia’s capital, Richmond BizSense reports. The community was listed in February by Colliers International and drew interest from both local and out-of-state entities. McCann Realty, which is based less than a mile away from the property, beat out 21 offers.

California-headquartered seller Core Realty Holdings bought the asset 10 years ago as part of a $166 million portfolio sale which included seven other properties. The previous acquisition of Hickory Creek was subject to an $18.5 million, 10-year CMBS loan originated by Wells Fargo. The loan matured less than one month ago. During the last 25 years, the community changed hands four times, other previous owners including Real Estate Partners and Equity Residential.

Encompassing 19 garden-style two- and three-story buildings, Hickory Creek was completed in 1985. Sitting on 20.4 acres of land at 2344 Hickory Creek Drive in Richmond’s Henrico submarket, the property offers 124 one-bedroom and 170 two-bedroom units, with floor plans ranging between 830 and 1,030 square feet.

According to Yardi Matrix, the property was 93.9 percent occupied in May 2016, and recorded a median rent of $915 in the first half of the year.

Situated between Interstate 64 and Route 250, the Northwest Richmond community features a fitness center, clubhouse, tennis court, swimming pool, covered parking, microwave ovens, private balconies and patios, individual air conditioning, and fireplaces available in select units. You can watch a presentation video for Hickory Creek here.

Earlier this year, a joint venture between McCann Realty and Admiral Capital acquired Howell Bridge, a 256-home community in Atlanta.

Image courtesy of Colliers International