RailField Realty buys 292 Richmond apartments for $17.1m

RailField Realty buys 292 Richmond apartments for $17.1m

Published at: 2018-01-08 15:31 | Author: CIJ USA
The Village at the Arbors, a 292-unit apartment complex in western Henrico County has been acquired by RailField Realty Partners for $17.1 million. The property is located at 5613 Crenshaw Road, less than 5 miles from downtown Richmond. The buyer plans to invest $2.3 million in upgrades to the property’s common areas and its units. Railfield bought the property from a New York based-institutional investor. “We obviously like the Richmond market, given our purchase of Courthouse Green back in August. There has been solid job growth and limited new construction, which has led to strong occupancy and market performance,” RailField’s Chief Investment Officer Jon Siegel said in a statement.

Similar Stories:

NYC mayor vows to grow city's affordable housing stock
The City of New York has set a city record for preserving more than 24,500 affordable hous  »
MidCap backs ESG Kullen's condo acquisition in Delray Beach, FL
ESG Kullen has landed a $8.4 million bridge loan for the acquisition of 93 units in Murano  »
New Colliers hire to focus on South Florida's multifamily market
Colliers International South Florida has hired Mitash Kripalani. In his new role as vice p  »
Chartwell acquires historic Boston apartments complex
Chartwell Holdings has acquired the Baker Chocolate Factory Apartments in the Dorchester L  »
Hurricane Hermine had the entire state of Florida on the edge of its seat in September. It   »
South Florida’s condo market is readying for a soft landing rather than the crash that m   »
There are approximately 17,000 units in Miami in presale, sold or under construction. Abou   »
The same year Orange County builders pulled 11,000. Fast forward to 2010 and those numbers   »
China’s insurance sector has emerged relatively unscathed  »
New home prices in larger cities like Shenzhen might have de  »
New home prices in larger cities like Shenzhen might have de  »