The Timbercreek apartment complex at 2200 Chateau Dr. (Photo by Burl Rolett)
Thalhimer’s buying spree continues.
Thalhimer Realty Partners in December bought the Timbercreek apartment complex at 2200 Chateau Dr. in Richmond. The $3.7 million acquisition marks the third foreclosed Southside apartment complex that the company has purchased since 2012.
“We’re opportunistic buyers,” said Thalhimer Realty Partners vice president Matt Raggi.
Thalhimer bought the 14.7-acre, 160-unit apartment complex from Wells Fargo in an online foreclosure sale held by Auction.com. The sale closed Dec. 19 and gives Thalhimer three apartment buildings within five miles of on another on the Southside. The others are the Deering Manor complex, which it acquired in summer 2013, and the Riverside Drive Apartments, which it purchased in 2012.
Timbercreek’s apartments are all two-bedroom units and rent for about $600. All of the units are in rentable condition, Raggi said, and the company doesn’t have any immediate upgrades planned for the property.
“We don’t think there are any real physical items to address,” he said. “We think we can come in and really turn operations around on the management side more than anything else.”
Prior to foreclosure, the complex had been owned by Alliance PP2 FX2 LP, which has a principal office in Illinois, according to state records.
Thalhimer Realty Partners, the acquisition and development arm of local real estate giant Cushman & Wakefield | Thalhimer, has ramped up its acquisition pace in the past year. The Timbercreek purchase comes just weeks after it wrapped up a deal for the 17-acre Reynolds South plant in Manchester.
Thalhimer Realty Partners in summer 2013 picked up a Scott’s Addition industrial building with plans for an apartment conversion, and the firm also recently renovated the former Julian’s restaurant property on West Broad Street into a wine bar and six apartments.
The Timbercreek apartment complex at 2200 Chateau Dr. (Photo by Burl Rolett)
Thalhimer’s buying spree continues.
Thalhimer Realty Partners in December bought the Timbercreek apartment complex at 2200 Chateau Dr. in Richmond. The $3.7 million acquisition marks the third foreclosed Southside apartment complex that the company has purchased since 2012.
“We’re opportunistic buyers,” said Thalhimer Realty Partners vice president Matt Raggi.
Thalhimer bought the 14.7-acre, 160-unit apartment complex from Wells Fargo in an online foreclosure sale held by Auction.com. The sale closed Dec. 19 and gives Thalhimer three apartment buildings within five miles of on another on the Southside. The others are the Deering Manor complex, which it acquired in summer 2013, and the Riverside Drive Apartments, which it purchased in 2012.
Timbercreek’s apartments are all two-bedroom units and rent for about $600. All of the units are in rentable condition, Raggi said, and the company doesn’t have any immediate upgrades planned for the property.
“We don’t think there are any real physical items to address,” he said. “We think we can come in and really turn operations around on the management side more than anything else.”
Prior to foreclosure, the complex had been owned by Alliance PP2 FX2 LP, which has a principal office in Illinois, according to state records.
Thalhimer Realty Partners, the acquisition and development arm of local real estate giant Cushman & Wakefield | Thalhimer, has ramped up its acquisition pace in the past year. The Timbercreek purchase comes just weeks after it wrapped up a deal for the 17-acre Reynolds South plant in Manchester.
Thalhimer Realty Partners in summer 2013 picked up a Scott’s Addition industrial building with plans for an apartment conversion, and the firm also recently renovated the former Julian’s restaurant property on West Broad Street into a wine bar and six apartments.