ROSS Buys Community in Richmond Opportunity Zone
- Oct 11, 2019
ROSS Cos. has purchased Hampstead Apartments, a 98-unit community in an Opportunity Zone within Richmond, Va. Mission Bay Investment sold the property for $7.2 million, according to Yardi Matrix. The buyer has begun investing $3 million to reposition the asset.
Situated at 2330 Hampstead Ave., the property is within the newly developed Libbie Mill-Midtown, an 80-acre mixed-use collection of retail space, restaurants, offices, trails and a library. The asset is alongside Freeway 250 and near Interstate 64, around 3 miles from the University of Richmond and 9 miles from the city center.
Hampstead was constructed in 1962 on approximately 7 acres and has 658-square-foot, two-bedroom units. Property amenities include a playground, a children’s playroom and 150 parking spaces. The new owner’s capital improvement plans involve upgrading the units with an open living-dining-kitchen area, installing plank flooring and replacing kitchens and bathrooms.
ROSS’ management division will oversee the capital improvements and asset operations. At the beginning of 2019, ROSS Cos. was selected to manage and renovate an affordable senior housing community near Washington, D.C.