Two apartment complexes in Henrico, Chesterfield sell for combined $130M – RichmondBizSense

Two apartment complexes in Henrico, Chesterfield sell for combined $130M – RichmondBizSense

The Boulders Lakeside apartments were completed last year. The complex sold for $71.6 million on Dec. 29. (Photos courtesy of Dominion Realty Partners)

End-of-year apartment deals continue to come in, with one local firm selling a newly built complex in the Boulders Office Park, and another picking up a 1980s-era property in Henrico.

The 248-unit Boulders Lakeside apartments sold Dec. 29 for $71.6 million. American Landmark Apartments, out of Florida, was the buyer.

The sellers were Richmond-based Dominion Realty Partners and Florida-based Amzak Capital Management, which completed Boulders Lakeside last year at a cost of about $47 million. The 24-acre property, at 1006 Boulders Lake Terrace, is assessed by Chesterfield County at $32.8 million.

The seven-building complex was about 97 percent occupied at closing, with monthly rents averaging upward of $1,500 for the one- and two-bedroom units, which range in size from 750 to 1,150 square feet.

A second wave of apartments, the 212-unit Boulders Lakeview, is under construction nearby. DRP is also leading that project.

The deal marks a return to the Richmond market for American Landmark, which previously owned Millspring Commons, a 159-unit complex in Henrico, which it bought with Electra America in 2016 and sold in 2017. American Landmark owns and operates 32,000 units in multifamily communities in the Carolinas, Georgia, Florida, Tennessee and Texas.

The clubhouse at Boulders Lakeside includes a TV lounge with a fireplace.

The company said in a news release that Boulders Lakeside would be its sole asset in the Richmond market “for the time being.” It said the transaction closed in 45 days with financing provided by Capital One.

Colliers brokered the sale for DRP, which was represented in negotiations by Hunton Andrews Kurth.

American Landmark’s release noted the site’s proximity to Stony Point Fashion Park and Powhite Park, as well as its location in an Opportunity Zone, which provides tax benefits for investment of unrealized capital gains. The office park is between Chippenham and Powhite parkways, and between Jahnke Road and Midlothian Turnpike.

Amenities include a clubhouse with pool, gym, fitness studio and a game room overlooking an adjacent lake, as well as a pet park and washing station, grills, walking trails and an automated package delivery system.

With 8 acres of the site left undisturbed as green space, Boulders Lakeside is slated to obtain a green building designation from the National Association of Home Builders, according to DRP, whose local developments include the Residences at the John Marshall, Riverside on the James and Vistas on the James.

In addition to Boulders Lakeview, which it projects to cost $42 million, DRP is starting work on The Apartments @ Innsbrook Square, an $80 million development planned to fill 12 acres in Innsbrook with 305 apartments and 58 for-sale townhomes.

Park West End fills 18 acres at Glenside Drive and Bethlehem Road. (Photo courtesy of Colliers)

Park West End sells for $59M

Across the river in Henrico, the 312-unit Park West End apartments, at 5300 Glenside Drive, sold Dec. 27 for $59.3 million.

Henrico-based McCann Realty Partners was the buyer, along with an unnamed partner. McCann principal Thomas Upson declined to identify the other firm.

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Source: https://richmondbizsense.com/2022/01/10/two-apartment-complexes-in-henrico-chesterfield-sell-for-combined-130m/

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