Two apartment complexes sold in Henrico

Capreit, a Maryland-based owner and operator of apartment properties, recently sold off two large complexes in Henrico.

The Oaks at Gayton, a 220-unit complex with a clubhouse, fitness center, swimming pool and tennis courts sold to Colonial Court Apartments Inc. of Richmond for $16.7 million. Colonial Court also owns Camelot Townhomes near Regency Mall. The newly purchased property at 12520 Gayton Road was built in 1987 and covers 211,494 square feet.

Capreit also sold Sundance Station Apartments to Norfolk-based Harbor Group International LLC for $19.25 million. That complex is located off Mayland Drive and has 300 units, a clubhouse, a fitness center and a pool. The complex was built in 1984.

According to its website, Capreit still owns one property in the Richmond area: Sherwood Crossing in Mechanicsville.

Al Harris covers commercial real estate for BizSense. Please send news tips to [email protected]

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[…] Not much has been said about three major multi-family transactions in Henrico County last year (although BizSense did make note). In November 2009, CAPREIT sold three (not two) garden-style apartment complexes in Henrico […]