Manchester apartment complex sells for $11.4M

Perry Place Apartments sells to Fulton Street Partners

Published November 11, 2020 by Sydney Lake

Perry Place Apartments. Photo courtesy CBRE

An apartment complex in Richmond’s Manchester neighborhood sold for $11.4 million, CBRE announced Tuesday.

The 70-unit, 61,614-square-foot apartment complex is located at 815 Perry St. Glen Allen-based real estate investment group Capital Square 1031, which originally purchased the property in 2015, sold it to Washington, D.C.-based Fulton Street Partners LLC. The property was 96% occupied at the time of the sale, according to CBRE.

“Capital Square was able to enhance the value of the property through unit renovations which, coupled with the strength of the Richmond market, allowed them to achieve a great result for their investors,” CBRE Vice President Calvin Griffith said in a statement. “Perry Place was a perfect match for Fulton Street, who was drawn to the building’s historic character and premier location. Fulton Street plans further upgrades to unit interiors and amenities.”

Calvin Griffith, Peyton Cox, Jonathan Greenberg, Robert Dean, Yalda Ghamarian Howell and Thomas Leachman of CBRE represented the seller in the transaction. CBRE’s debt and structured finance team, led by David Webb and Maxi Leachman, arranged financing for the buyer. The sale officially closed on Nov. 3.