Lerner Corp. sells multifamily portfolio in Richmond and Newport News
CBRE|Richmond announced the sale Wednesday of a three property, multifamily portfolio by Maryland-based Lerner Corp. to Drucker & Falk/LEM Capital in Newport News.
The portfolio, which sold for $68.5 million, is made up of Wilde Lake Apartments, Hanover Crossing Apartments and Chesapeake Bay Apartments. Wilde Lake is a 190-unit community located at 2900 Bywater Drive in Henrico County. Hanover Crossing is a 220-unit property located at 9528 Hanover Crossing Drive in Mechanicsville, and Chesapeake Bay is a 300-unit community located at 550 St. Michaels Way in Newport News.
Charles Wentworth of CBRE|Richmond, Dan Johnson of CBRE|Hampton Roads, and Andy Boyer with the CBRE office in Washington D.C., represented the seller in this transaction.