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$85M Plus Could Take Multifamily Portfolio

RICHMOND, VA-The properties are attracting inquires from institutional investors that do not have a presence in the Richmond market.

By Erika Morphy | Updated on June 28, 2007

(Read more on the multifamily market.)

RICHMOND, VA-A multifamily portfolio has come on the block here that is valued at $85 million or more. The portfolio consists of two multifamily developments in Chesterfield County called the Belvedere and River Forest–one with 240 units, the other 296 units-–plus an additional six-acre parcel of zoned land that is contiguous to one of properties. This parcel has an allowable density of up to 60 units.

According to Drew White, lead broker with Cushman & Wakefield Apartment Brokerage Services, which is marketing the class A properties for a private local developer, the Bogese Co., the occupancy is in the high 90s.

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