Richmond Assets Trade for $6M
- May 29, 2017
Marcus & Millichap announced the sale of two multifamily properties in Richmond, Va., for $6.3 million. The two communities, Park at Forest Hill and Chateau de Ville, total 119 units.
Bryn Merrey, senior vice president and division manager of the firm’s Mid-Atlantic and Southeastern offices, was the broker of record. Altay Uzun, an associate in the firm’s Hampton Roads office, and Christopher Chadwick, first vice president of investments in the company’s Washington, D.C., office, had the exclusive listing to market the property, procuring the buyer, a local investor.
“Apartment cap rates are steadily compressing. Rents are increasing and we are seeing new development and growth in the market,” said Uzun, in a prepared statement.
Constructed between 1972 and 1980, The Park at Forest Hill consists of 68 one-bedroom and 13 two-bedroom units. The 81-unit building is named after the historic 104-acre park across the street from the property. The community is approximately 3 miles away from downtown Richmond. Built in 1983, Chateau de Ville encompasses 17 single-bedroom units and two two-bedroom units, as well as 17 lofts.
The communities are located within a three-minute drive of each other.
Image via Google Earth