The 116-unit Dutch Village apartment complex sits on 13 acres. (Photo by Burl Rolett)
Less than a year after it was foreclosed on, a Southside apartment complex is back on the market.
The 116-unit Dutch Village apartments went up for sale at the end of May with a listing price of $6.5 million. The development was previously owned by Space Properties, a troubled local landlord that has seen a chunk of its holdings sold in foreclosures or short sales in the past two years.
The complex sits on 13 acres near Jefferson Davis Highway and Bells Road and is owned by Stabilis Capital Management, a New York-based firm that invests in distressed real estate. The property is being managed by Cushman & Wakefield | Thalhimer.
Dutch Village was put up for auction in September along with Space-owned properties Jackson Pointe and Highland Pointe condominiums in Eastern Henrico. Gaslight Square, Bellevue Gardens and Abbey Square, also former Space-owned properties, were sold in foreclosure or short sale in 2011.
Stabilis was the lender in the Dutch Village foreclosure. The firm took back the complex at auction and has improved the units.
“It has been rehabbed,” said Chris Chadwick, who is handling the listing for Marcus & Millichap. “New roof, new siding, new windows, the interior upgrades that were started by Space were completed.”
Dutch Village, built in 1968, consists of 18 buildings in the Deerbourne neighborhood of southern Richmond. Chadwick said the complex is about 91 percent occupied.
The 116-unit Dutch Village apartment complex sits on 13 acres. (Photo by Burl Rolett)
Less than a year after it was foreclosed on, a Southside apartment complex is back on the market.
The 116-unit Dutch Village apartments went up for sale at the end of May with a listing price of $6.5 million. The development was previously owned by Space Properties, a troubled local landlord that has seen a chunk of its holdings sold in foreclosures or short sales in the past two years.
The complex sits on 13 acres near Jefferson Davis Highway and Bells Road and is owned by Stabilis Capital Management, a New York-based firm that invests in distressed real estate. The property is being managed by Cushman & Wakefield | Thalhimer.
Dutch Village was put up for auction in September along with Space-owned properties Jackson Pointe and Highland Pointe condominiums in Eastern Henrico. Gaslight Square, Bellevue Gardens and Abbey Square, also former Space-owned properties, were sold in foreclosure or short sale in 2011.
Stabilis was the lender in the Dutch Village foreclosure. The firm took back the complex at auction and has improved the units.
“It has been rehabbed,” said Chris Chadwick, who is handling the listing for Marcus & Millichap. “New roof, new siding, new windows, the interior upgrades that were started by Space were completed.”
Dutch Village, built in 1968, consists of 18 buildings in the Deerbourne neighborhood of southern Richmond. Chadwick said the complex is about 91 percent occupied.