A partnership between L5 Investments and BH Equities has acquired Aspen Station Apartments, a 232-unit apartment community in Richmond, for $22.9 million.
Built in 1980, the property is located on 17.1 acres at 1500 Forest Run Drive near E. Parham Road and Interstate 95.
Aspen Station is a garden-style community with a swimming pool, clubhouse and other amenities. Its unit mix includes 98 one-bedroom units, 116 two-bedroom units and 18 three-bedroom units.
The new ownership said it plans on investing more than $2.6 million for an extensive renovation and repositioning of the asset. This will include a complete remodel of the leasing and business center and the fitness center to nearly double its size.
