Colliers International Facilitates $103M Sale in Richmond
- Oct 28, 2019
Capital Square 1031 acquired 2000 West Creek, a 373-unit rental property in Richmond, Va., for $103 million, or $276,139 per square foot, in a transaction facilitated by Colliers International’s Mid-Atlantic Multifamily Advisory Group. The seller of the one-year-old Class A property was Bristol Development Group.
The same firm arranged a Boston-area luxury multifamily property sale last month.
An award-winning apartment community, 2000 West Creek is located at 2000 Broad Branch Circle and features a mix of one- and two-bedroom apartments. The residences provide wood-grain plank flooring, quartz countertops, all-tile bathrooms, and nine-foot ceilings. Among the leading common-area amenities are a resort-style swimming pool and outdoor courtyard.
“Capital Square emerged from a group of qualified buyers that included institutional, family office and high-net-worth capital sources from across the county, seeking to capitalize on the strong apartment fundamentals that Richmond is experiencing,” Charles Wentworth, Colliers International Mid-Atlantic Multifamily Advisory Group’s senior vice president, told Multi-Housing News.
Top development in an appealing market
Wentworth pointed to 2000 West Creek’s “superior amenity package, top-shelf design, excellent finishes and very spacious floor plans” as factors sparking national interest from suitors. Also contributing were the apartment community’s strategic location near key employment nodes and abundant retail, as well as the property’s proximity to Broad Street, Patterson Avenue and Route 288.
“Rising rents, job growth, population growth and high occupancy all make Richmond a very appealing market,” Wentworth continued.
“The James River is a great natural amenity, there’s a lot of history downtown and you are within 90 minutes of both the mountains and the beach. The city also has a very large Fortune 500 presence, an educated workforce, and it’s along the I-95 corridor.”
Situated in West Creek, one of Richmond’s most popular developments, the apartment community benefits from proximity to a fast-growing 2.1 million-square-foot business park with more than 10,000 employees. Just minutes away is the Short Pump shopping district, which offers more than 5 million square feet of retail space. Within the district sit new office and residential developments, as well as some of Richmond’s most exclusive shopping, dining and nightlife establishments.
“A lot of young people are taking advantage of Richmond,” Wentworth added. “We are doing a great job of keeping our younger, better-educated graduates of the University of Richmond and Virginia Commonwealth University. People who used to go to Washington, D.C., to Charlotte, to Atlanta, now stay in town. It helps they are strong renters. They make good money, have good jobs, stay and pay good rents.”