Colorado REIT sells Richmond apartments

Two West End apartment complexes were sold as part of a $297 million deal announced Monday.

United Dominion Realty, a REIT based in Colorado, sold the Dominion Creekwood and Dominion West End apartment developments to New York real estate investment firm DRA in a deal that included a total of nine properties in Richmond, Jacksonville, Fla., and Dallas.

Atlanta-based Apartment Realty Advisors brokered the deal for UDR.

Both of the local complexes are older properties. Creekwood, which has 500 units, was built in late 1970s and early ’80s, and the 350-unit Dominion West End was built in 1989.

The two properties accounted for about $80 million of the total price of the deal, which closed June 28.

Mike Marshall, a broker with ARA, said both properties were solid buys for DRA. A news release from the company said the occupancy in the portfolio was over 95 percent.

“Both properties were strong performers,” he said. “When we were doing the analysis, they were both in the mid-90s in occupancy.”

ARA also has the listing on the Flats at West Broad Village, the 339-unit apartment portion of the popular mixed-use development, which has been on the market since December for an unknown asking price.

Another big West End apartment complex deal closed in September when the investment arm of locally based Cushman & Wakefield | Thalhimer bought Sundance Station from Harbor Group International for $25.75 million.

UDR still owns four other multifamily properties around the Richmond metro area including three in the West End and one in Chester.

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