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Richmond Closes One of Its Largest MF Portfolio Sales This Year

RICHMOND-That would be the $81 million sale of three multifamily properties by CORE Realty Holdings Management, Colliers' Jason Hetherington tells GlobeSt.com.

By Erika Morphy | erikamorphy | | Updated on July 14, 2016
Park West End Park West End

RICHMOND-This market has closed one of the biggest multifamily portfolio sales of the year, according to Colliers International’s Jason Hetherington, one of the brokers who worked on the transaction. That would be the $81 million trade of three properties in Richmond: Champions Club, Park West End and Hickory Creek.

Hetherington, along with colleagues Will Mathews, Bruce Milam and Jackie Noel represented the seller CORE Realty Holdings Management, a tenant-in-common that had held onto the properties for the life of the loan and then sold them as the debt matured. In short, the buildings represented a rare value-add play in this high-barrier-to-entry market for new development, Hetherington said. “It was a great opportunity to do some value add to get a substantial rent increase,” he told GlobeSt.com.

There were two buyers in the deal. Richmond-based McCann Realty Partners purchased Hickory Creek, which consists of 294 units, while Irvine, California-headquartered MDO Capital purchased Champions Club and Park West End Apartments, totaling 524 units.

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