Greysteel Closes Richmond Affordable Asset Sale
- Jul 14, 2020
Greysteel has arranged the $4.8 million sale of McGuire Park Apartments, an affordable 80-unit community in Richmond, Va. Director Henry Mathies and Senior Investment Associate Fletcher Hultman of the firm’s East Coast Affordable Housing team negotiated on behalf of the seller and procured the buyer, both local investors.
Situated on 8 acres at 3811 McGuire Drive, the community consists of four two-story buildings developed in 1945 and redeveloped in the early 2000s using the Low-Income Housing Tax Credit program. The unit mix has one- and two-bedroom floorplans averaging 760 square feet, Yardi Matrix shows. According to Greysteel, the buyer will preserve the property’s affordability.
McGuire Park is some 4 miles southwest of downtown Richmond on the northern side of the Hunter Holmes McGuire VA Medical Center. A convenience store and gas station are next to the property, with a grocery store and two shopping centers less than 1 mile away at the intersection of Hull Street and Belt Boulevard.
In January, a Greysteel team which included Mathies represented the seller and sourced the buyer of a 60-unit affordable senior housing asset in Waldorf, Md. The 17-year-old property is rent restricted through 2043.