New York Investor Buys Richmond Apartment Portfolio

Out-of-state investors continue to show strong interest in Virginia multifamily properties.

Out-of-state investors continue to show strong interest in Virginia multifamily properties. Recently, a New York-based investor purchased not one, but nine apartment communities in Richmond’s North Side.

The unnamed buyer paid $7.5 million to buy the Chamberlayne Multifamily Portfolio, Virginia Business reported on Tuesday. Marcus & Millichap brokered the deal and represented the seller in the transaction. In a statement, Altay Uzun, of the commercial real estate investment services firm’s Washington, D.C. office, said that the portfolio attracted a lot of interest from out-of-state buyers and that it received offers from half of the investors who toured the property.

The Chamberlayne Multifamily Portfolio’s nine buildings were constructed between 1961 and 1977, on a 5-acre site in Richmond’s Ginter Park neighborhood. Together, they offer a total of 212 studio, one-, two- and three-bedroom units. According to Marcus & Millichap, the portfolio is currently 93 percent occupied.

The nine buildings are just the latest in a long line of Richmond-area apartment communities which have changed owners this year. Laurel Pines, Match Point Apartments, Aspen Station, Ashton Creek Apartments, the Grace and Monroe Apartments, Coliseum Lofts and the Huguenot Apartments were all sold in recent months.