H2 Capital Nabs Virginia Assets
- May 18, 2017
H2 Capital, a privately held multifamily real estate investment firm, has acquired two properties in Virginia for the combined purchase price of $20.6 million. The deal marks the company’s first out-of-state acquisition, falling in line with the firm’s strategy to grow its portfolio nationwide.
Located at 4123 E. Wood Harbor Court in Richmond, Va., the 120-unit Laurel Pines Apartments encompasses 11 buildings totaling 109,000 square feet. The property’s unit mix consists of one- two- and three-bedroom floorplans ranging in size from 735 to 1,149 square feet. Community amenities include a fitness center, a clubhouse, a tennis court, a playground, a swimming pool and 170 parking stalls. H2 Capital paid $10.6 million for the property and plans to invest roughly $372,000 in improvements to the units and common areas. According to Yardi Matrix, the property last changed hands in 2014, when Monument Real Estate Services paid Related Cos. $6.6 million for the residential property.
Located at 4426 Plantation Road NE in Roanoke, Va., the 180-unit Frontier Apartments comprises 16 buildings totaling 138,400 square feet. At the time of the deal, the community, built in 1972, was 94 percent occupied. H2 Capital acquired the property for $10 million, or about $54,945 per unit. The company assumed an existing Fannie Mae mortgage and took out a small supplemental Fannie Mae loan, acquiring the property for a combined 76 percent loan to value ratio.
Pinnacle Property Management landed the management assignment for both communities.
Images courtesy of Yardi Matrix