One of Richmond’s largest landlords has a deal in the works to shed one of its older assets.
Ashton Square, a 372-unit apartment complex owned by Weinstein Properties, is under contract to be acquired. Wink Ewing, a broker with ARA | Mid-Atlantic who is handling the deal, said the transaction could close this year.
The potential buyer is an unidentified nonprofit real estate group that owns property across the country, Ewing said. He would neither name the purchaser nor give the asking price, as the deal is pending. It went under contract last week.
Ashton Square was built in the mid-1960s. Weinstein spent more than $5 million to renovate the complex more than a decade ago and put it on the market briefly last year.
“Now it’s time for the next guy to come in and do the next level of upgrades,” Ewing said.
The property sits on 11 acres at 603 Westover Hills Blvd. It was most recently assessed by the city at $14.52 million.
“[A new owner] will come in and probably put in anywhere from $5 million to $10 million to take it to the next level,” Ewing said.
The complex has one-, two- and three-bedroom units averaging about 836 square feet. They rent for an average of $654 per month. Ashton Square has a total of 310,000 rentable square feet across 11 apartment buildings. Occupancy holds steady above 90 percent, Ewing said.
The sale is part of Weinstein’s strategy to sell off some of its aging properties, Ewing said. ARA handled the sale of Weinstein’s Asbury Place complex in Hampton this summer.
Weinstein Properties owns at least 10 apartment complexes across Richmond. The company owns about 5,100 apartment units in the area, Ewing said.