VA Community Trades for $47M
Hivernan Realty Group acquired Aden Park & Glenway Green, a 538-unit value-add asset in Richmond, from Dominion Associates.
Dominion Associates LC, an entity of Weinstein Properties, sold Aden Park & Glenway Green, a 538-unit multifamily building in Richmond, Va., to Hivernan Realty Group for $46.6 million.
Will Matthews, Austin Weathington, Carter Wood and Jason Hetherington, of the Colliers International East Region Multifamily Advisory Group team represented the seller in the transaction.
“We were fortunate to work on behalf of Weinstein Properties, which is one of the largest owners of apartment communities locally and commands tremendous brand recognition regionally,” said Matthews, principal & senior vice president of Colliers East Region Multifamily Advisory Group, in prepared remarks. “What made this truly a unique effort was that ownership had already completed a majority of the heavy lifting with interior upgrades. The new buyer can not only leverage those improvements but has the ability to advance the property further with minimal exterior and amenity enhancements.”
Aden Park & Glenway Green, located at 435 German School Rd., was built in 1974 and features one-, two- and three-bedroom floorplans. The 464,620-square-foot property underwent renovations from 2001 to 2005, and 2009 to 2014 on the Aden Park portion of the property, and renovations took place between 2003 and 2004 on the Glenway Green portion.
The apartment community is located just north of the Midlothian Turnpike and east of Highway 150 in Richmond, and is a short drive to CJW Hospital, Chippenham & Powhite Parkways, Downtown and Stony Point.
Weinstein Properties, one the largest rental property owners in Richmond, is also active in other parts of the country, including Texas, where the company recently purchased a 334-unit multifamily community in the Dallas area.
Image courtesy of Colliers International