Monument Buys Richmond M-F Property

Interest in Virginia multifamily properties continues to stay strong. In the past few months, investors have acquired several apartment communities all over the state. The latest transaction took place in the healty Richmond market.

Interest in Virginia multifamily properties stayed healthy during the first quarter of 2015, as demonstrated by a recent transaction near Richmond International Airport.

In a $6.6 million deal, Miami-based Monument Real Estate Services has acquired Laurel Pines, an apartment community located at 4123 East Wood Harbor Court.

Completed in 1988, the property offers 120 one-, two- and three-bedroom units ranging in size from 735 to 1,149 square feet. According to RENTCafe, monthly rents range from $830 to $1,130. Community amenities include a fitness center, pool, tennis courts and clubhouse.

Multi Housing Advisors, which represented the unnamed seller of the Richmnond property, also announced the sale of a property in Salem. Yorkshire Holdings L.L.C. bought the 132-unit Northview for $4.6 million from Northview Associates L.L.C.

Multifamily investors have been highly active in Virginia of late. In early March, Virginia Business reported that Baron Realty Advisors purchased the 216-unit Bainbridge Hampton Roads Crossing in Suffolk for $35 million. And three other Hampton Roads apartment communities, the 244-unit Bancroft Hall Apartments, the 288-unit Woodshire Apartments, and the 312-unit Birches, changed hands in December.

Photo credit: RENTCafe