Belvedere Apartments is a 296-unit, 17-building complex in Northern Chesterfield County. River Forest, located in nearby Chester, is a 14-apartment building with 240 units. Both have a clubhouse/community center as well. Belvedere, which is 97% occupied, traded for $43.2 million; River Forest, currently 95% leased, sold for $31.8 million. The Belvedere has average market rents of approximately $1,015 per month, while units in River Forest are running approximately $970 per month, according to AEC.

The firm is expanding its multifamily portfolio in the state: it has acquired three properties in Virginia over the last ten months with a total of 804 units. "These are terrific properties in high barrier to entry markets and fit in well with our other Mid Atlantic properties," John Shannon, SVP of operations, says in a press release.

Both of the apartment buildings are in mixed-use developments that are nearing completion, Michael Bogese, Jr., president and CEO of the Bogese Cos., tells GlobeSt.com. Belvedere Apartments is situated in a 30 plus-acre development bearing the same name as the apartment buildings. It also includes 30,000-sf of retail space adjacent to the multifamily community, a bank, office building sites and a new church that Bogese Cos. rebuilt for the local community in the development. River Forest Apartments are located in a 100-acre development called River Forest. This project consists of 31,000-sf of retail and some office.