Two Richmond Apartment Communities Command $14.22M
- Jan 19, 2016
Richmond, Va.—Time Equities Inc. has acquired the 66-unit Raven Place Apartments and the 57-unit American Heritage Apartments, two multifamily, market-rate apartment communities in Richmond, Va., for a total of $14.22 million.
“Time Equities Inc. was drawn to Richmond as it has proven to be one of the fastest growing metro areas in the United States, and further, one of the region’s most attractive cities for urban innovation and progression,” Brad Gordon, TEI’s director of residential acquisitions, said. “Our team remains steadfast in its commitment to developing exemplary residential projects for a variety of residents and we’re confident that Raven Place and American Heritage will prove to be just that.”
Located at 1701 East Broad St., the Raven Place Apartments offers one- and two-bedroom apartment homes. Amenities include free satellite television, bamboo and stained concrete floors, exposed natural brick, granite countertops and high ceilings. The community also features free high-speed Internet, electronic access and a fitness center available to all residents.
Raven Place sits in the historic Shockoe Bottom neighborhood and was converted as an adaptive reuse renovation years ago from an existing warehouse and meat-packing plant. It was acquired for $7.6 million.
Located at 1001 East Main St., American Heritage Apartments feature one-, two- and three-bedroom units, all with maple hardwood floors, fireplaces, stainless steel appliances, breathtaking city views, free cable television and porcelain sinks. The property also offers onsite retail, fitness center and laundry facilities.
Originally built in 1904 as the American National Bank building, the 10-story property was renovated a decade ago as an adaptive reuse. It is located in the heart of the city’s Financial District. It was purchased for $6.62 million.
Both communities offer hip, in-town apartment homes within walking distance of the James River, City Hall, the Virginia State Capitol, the VCU Medical Center and vibrant nightlife spots. ROSS Management Services will oversee the management of both.
“ROSS Management Services has shown time and time again that it can dramatically improve asset value by developing and employing a wide array of forward-thinking, resident-centric and collaborative strategies and tactics,” Gordon said. “No firm has a better reputation in multifamily operations and management, and no firm is better suited to manage Raven Place and American Heritage. TEI and ROSS are both absolutely committed to maximizing the quality and value of our communities, and this is a partnership that will greatly benefit the residents of these two Richmond properties.”
These additions mark TEI’s third acquisition in Richmond, elevating the firm’s growing Southeast portfolio.
TEI will implement a capital repositioning plan at both properties to significantly upgrade the amenities and common areas.