Princeton Enterprises Nabs Richmond-Area Community

Webster Court in Petersburg traded for roughly $18,750 per unit.
Webster Court in Petersburg, Va.

Webster Court in Petersburg, Va.

Richmond, Va.—Cushman & Wakefield | Thalhimer recently announced the sale of Webster Court, an 88-unit garden-style community in Petersburg, Va.

Princeton Management Cos. purchased the property for a little under $1.7 million, roughly $18,750 per unit. Thalhimer’s Catherine Spangler represented the seller. According to Yardi Matrix data, LNR Partners, acting as trustee on behalf of LaSalle Bank, foreclosed in 2014 on a CMBS loan in the original amount of $2.9 million. At the 2014 foreclosure, the property was sold to LaSalle for $2.2 million.

Located at 400 Mars St., Webster Court was completed in 1968 and had an 87 percent occupancy rate at the time of the most recent transaction. Situated close to the intersection of interstates 85 and 95, less than 25 miles south of downtown Richmond, the community encompasses seven two-story buildings. The property offers 700-square-foot, two-bedroom units and includes 140 spaces of grade level parking.

Image courtesy of Yardi Matrix