Nine-unit Richmond apartment complex sells for $1.85 million

Published January 18, 2018 by Robert Powell, III

Marcus & Millichap, a commercial real estate investment services firm, has announced the sale of a 9-unit Richmond apartment property for $1.85 million.

The firm said that the sale of Broad and Allison Apartments equates to $205,500 per unit.

The seller and buyer of the property were not disclosed.

The Broad and Allison Apartments are located at 2049 W. Broad St.

The property is directly across the street from a 45,000-square-foot Whole Foods store that is under development.

The store would be the chain’s second Richmond area location

Built in 1913 and renovated in 2011, the apartment property has a mix of one, two and three bedroom apartments and includes a 1,600-square-foot commercial space on the ground floor.

The deal also included 2039 West Broad Street, a 5,075-square-foot parcel used for the residential parking.

Christopher Chadwick, first vice president of investments, and Dawson Rinder, senior associate of investments, at Marcus & Millichap’s Washington, D.C., office had the exclusive listing to market the property on behalf of the seller, a private investor.

The buyer obtained Freddie Mac acquisition financing originated by Jared Cassidy, director of Marcus & Millichap Capital Corp.