Railfield Realty Acquires Richmond Property
The asset previously traded in 2020 for $28.5 million.
RailField Realty has acquired Millspring Commons Apartments, a 159-unit multifamily community in Richmond, Va., through its RLM Preservation Fund. The assed previously traded in 2020, when the Republic Family of Companies acquired it for $28.5 million, according to Yardi Matrix data.
Completed in 1972, the property encompasses one-, two- and three-bedroom units which range from 700 to 1,230 square feet. Interiors feature wood-style plank flooring, walk-in closets and design cabinetry, along with in-unit washers and dryers for select floorplans. Common-area amenities include a swimming pool, dog park, fitness center and playground. RailField plans to implement upgrades to interiors and amenity spaces.
Located at 9318 Tarheel Terrace, the property is just west of Highway 33 and roughly 10 miles north of Richmond’s downtown. Within walking distance of the community there are numerous retail and dining options, including the Staples Mill Marketplace mall. Parham Doctors’ Hospital is less than 2 mile away.
In the beginning of 2023, Richmond’s multifamily sector saw an investment slowdown following two record-breaking years; transactions totaled $173 million in the first two months of 2023, a recent Yardi Matrix report shows. However, the average per-unit price was up 2.5 percent from last year’s value, reaching $175,866.