Westover Hills M-F Asset Gets New Owners & Name

A joint venture between two companies from New York and Washington, D.C. has recently expanded its portfolio of properties with the acquisition of a large apartment community located in Richmond’s Westover Hills submarket.

The Residences of WestoverA joint venture of investors from New York City and Washington, D.C., has expanded its portfolio with the acquisition of a large apartment community located in Richmond’s Westover Hills submarket.

New York City-based Atlas Real Estate Partners and West End Capital Group of Washington, D.C., purchased Match Point Apartments. It represents the joint venture’s seventh acquisition since its formation in 2013. Although terms were not disclosed, the two companies said that the purchase was financed with a 10-year floating-rate Freddie Mac loan originated by Berkadia.

The joint venture’s newly acquired property is located at 5852 Westower Drive. It features 258 one- and two-bedroom units, with amenities that include a pool, courtyard and clubhouse. According to the apartment community’s website, one-bedroom units rent for $610 per month, while two-bedroom units rent for $710 monthly.

In a statement, the new owners said that they have rebranded the property The Residences of Westover. It will undergo a substantial value-add renovation over the next 24 months. The joint venture also retained BH Management to manage the property.

Photo credit: www.residenceswestoverhills.com