Richmond Community Changes Hands
The 75-unit 2001 East Apartments, which is located close to the Church Hill Historic District, traded for $9.7 million. Rents at the residential property, which also has two commercial suites, equate to an average of $1,177.
By Evelina Croitoru
Thalhimer Realty Partners Inc. (TRP), the investment and development subsidiary of Cushman & Wakefield | Thalhimer, purchased 2001 East Apartments, a 75-unit community in Richmond, Va. According to Yardi Matrix, the asset, which traded for $9.7 million, was previously owned by Spy Rock Real Estate Group. Thalhimer’s Residential Property Services will manage the property on behalf of TRP. Catrina Scanlan will serve as the portfolio manager and will be responsible for overseeing all operations at the property.
Upscale Amenities and Affordable Units
Located at 2001 E. Broad St., the residential property offers a mix of studios and one- and two-bedroom floorplans ranging in size from 520 to 1,050 square feet. Completed in 2011, the asset reached 92 percent occupancy as of April 2017, according to Yardi Matrix. The property offers controlled access, a fitness center, a clubhouse and 73 parking stalls. Additionally, the community includes two commercial suites. The property benefits from the vicinity of the Church Hill Historic District and the VCU Health System’s School of Medicine, with monthly rents averaging $1,177. 2001 East Apartments also includes 15 affordable units.
According to Yardi Matrix, the residential property is subject to an $8.2 million construction loan originated by Virginia Housing Development Authority, which is due in 2045.
Image courtesy of Yardi Matrix