Out-Of-Town Buyers Snap Up M-F Assets
- Jun 19, 2015
Coliseum Lofts and the Huguenot Apartments are the latest multi-family properties in the Richmond area to attract out-of-town investors.
Divaris Real Estate Inc. announced the sale of Coliseum Lofts on June 17 and represented the buyer, Jerneb Acquisition Corp. of Wilimingon, Del., in the transaction. Zach Means and Larry Agnew of Divaris’ Richmond office handled the negotiations.
PropertyShark reports that Coliseum Lofts L.P. was the seller. The real estate website says that the property, which dates from 1917, is currently valued at about $9.9 million. Jerneb paid $12.3 million for the 90,720-square-foot apartment complex located at 1343 West Broad St. It consists of 107 units and street-level retail.
Huguenot Apartments changed hands on May 28. According to the Richmond BizSense, the complex represents the first Richmond-area acquisition for the Ritz Banc Group. The Washington, D.C.-based company purchased the 296-unit asset in a joint venture with Lincoln Property Co. for about $30 million. RDBSC L.L.C. was the seller.
Lincoln will manage the complex, which was was built in 1975 on a 27-acre site at 11406 Briarmont Rd. It was 95 percent occupied at the time of the sale. The new owners plan to renovate the property.