Group of Richmond apartment communities sells for $7.5 million

Published September 1, 2015 by Robert Powell, III

A group  of apartment communities in Richmond’s North Side has sold for $7.5 million.

Marcus & Millichap, a California-based commercial real estate investment services firm, said the Chamberlayne Multifamily Portfolio, which includes nine buildings and 212 apartments, has been bought by a New York-based equity company. The buyer’s name was not disclosed.

Ross Cos., based in Bethesda, Md., has been hired to manage the properties, which include The Alexandria Group, The Fredericksburg, Gas Light, and 4828 Chamberlayne Avenue apartment communities.

They offer a mix of studio, one-, two- and three-bedroom units along the Chamberlayne Avenue corridor in Richmond’s Ginter Park neighborhood.

Virginia Multifamily Group of Marcus & Millichap represented the seller and recruited the buyer. The company said the buyer views Richmond as a strong secondary market with growth potential.

Marcus & Millichap received offers from half of the prospective buyers who  toured the buildings, including four offers from out-of-the area investors.

“The positive out-of-area interest that we saw in this transaction is indicative of the current out-of-state demand for Virginia real estate,” Altay Uzun  of Marcus & Millichap’s Washington, D.C. office said in a statement. “We are seeing more and more core-market investors wanting to break into Virginia as they chase yield in secondary markets.”