Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of The Lofty Apartments, a 33-unit apartment property located in Richmond, VA. The asset sold for $6,600,000 which equates to $200,000 per unit.
Christopher Chadwick, first vice president investments and Dawson Rinder, senior associate in Marcus & Millichap’s Washington, D.C. office and Martin Mooradian, associate in the firm’s Richmond, VA office had the exclusive listing to market the property on behalf of the seller, a mid-sized development company based in Richmond for whom they have transacted approximately $25 million worth of deals in the last three years. The buyer, a private investor, was also procured by Chadwick, Rinder and Mooradian.
“The buyer was an exchange buyer out of Northern Virginia looking for stable yield with limited capital expenditures in a market with upside” said Chadwick.
The Lofty Apartments is located at 3618 East Broad Street in Richmond, VA. The property is situated in the Church Hill neighborhood at the very end of East Broad Street and overlooks Gillies Creek Park, offering residents a very scenic view. The apartments were built in 2015, and consist of 28 two-bedroom, two-bathroom units and five one-bedroom, one-bathroom units.
“The Lofty Apartments was the highest per unit sale recorded in Churchill to date and demonstrates the current market’s strength and stability” added Chadwick. “Churchill is just east of Shockoe Bottom and is one of Richmond’s most historic neighborhoods, and it is only minutes from central business district, MCV and interstate 95” concluded Chadwick.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
