(To read more on the multifamily market, click here.)
RICHMOND, VA-Honey Tree Apartments, a 388-unit complex here, has been acquired by a joint venture between Intrepid Residential and Lowe Enterprises Investors, which was acting on behalf of Lowe Enterprises Real Estate Income and Growth Partners. The seller was not been reported in the buyers' statement and the deal has not yet been recorded yet in local comps.
Drew White, senior director of Cushman & Wakefield's Capital Markets Group in McLean, represented the seller but declined to discuss specifics of the sale, saying only that the sale generated a "tremendous amount of institutional interest due to its location."
Sources familiar with the transaction say the sale was the largest in Richmond's multifamily market on a per dollar basis for 2006, significantly topping one of the largest multifamily trades here this year, of $27.2 million.
The building is located new several business centers such as Forest Office Park, Glen Forest Office Park, Philip Morris' headquarters and Brookfield Office Park. It is also close by to the University of Richmond and Henrico Doctor's Hospital.
Located at 1528 Honey Grove Dr., the complex is comprised of 16 three-story, 12-unit buildings consisting of one-, two- and three-bedroom units. Amenities include an Olympic size swimming pool, tennis courts, putting greens and fitness and business centers. The buyers plan to make improvements to the properties, including adding washers and dryers, interior renovations, landscaping and a larger fitness center.
What is said to be the second largest trade in the Richmond area occurred in February when Grove Swift Creek traded for $27.2 million or, $113,333 per door. Located at 14701 Swift Ln., the building was purchased by NTS Realty Holdings from Schaedle Worthington Hyde Properties.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
