RICHMOND, VA–One of the largest apartment communities in the Richmond metro area has traded for $37.5 million.
Crystal Lakes is a 716-townhome and apartment community that was built between 1967 and 1973. The buyer was Emet Capital Management.
Cushman & Wakefield Mid-Atlantic Multifamily Advisory Group's Jorge Rosa, Anthony Liberto, Marc Robinson, and John Campanella represented the seller, Latitude Real Estate Investors in the transaction.
No one from the team was available to speak with GlobeSt.com.
The buyer received a good deal of interest from investors, which were drawn to the deal by the community's size, its location in Chesterfield County and the upside that the property offers, according to a prepared statement by Rosa, the senior broker that took the lead in the deal. The pricing was aggressive among the investors as they competed for the deal, he added.
The property has direct access to Chippenham Parkway, and is 15 minutes from the Richmond CBD.
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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.
