Richmond apartment community sells for $6.2 million

Published June 1, 2017 by Paula C. Squires

Two multifamily properties in Richmond, The Park at Forest Hill and Chateau De Ville, totaling 119 units, have sold for $6.2 million, or about $52,521 per unit.

“The Richmond multifamily market is a slow rising tide,” Altay Uzun, an associate in Marcus & Millichap’s Hampton Road’s office, said in a statement.  “Apartment cap rates are steadily compressing; rents are increasing, and we are seeing new development and growth in the market.”

Uzun and Christopher Chadwick had the exclusive listing to market the property. They buyer is a local investor.

Originally built in 1983, Chateau de Ville is a garden-style apartment complex with 38 one-bedroom, two-bedroom and loft units.

The Park at Forest Hill, constructed between 1972 and 1980, has 81 units. It was named after the 104-acre park across the street from the property.

Bryn Merrey, senior vice president/division manager of Marcus & Millichap’s mid-Atlantic and Southeastern offices, served as the broker of record on the transaction.