The Bradford Manor apartment complex was one of a handful that recently sold to a New York firm. Photos by Katie Demeria.
A New York company has purchased several local apartment complexes as it bolsters its Richmond presence – and it is looking to snag even more.
Code Capital Partners, a real estate investment firm with offices in New York and Connecticut, recently closed on two purchases consisting of five apartment complexes and 257 units for $6.875 million.
“We like the trends that we’re seeing in Richmond. They’re good economic trends,” Capital Code managing partner Jared Remington said.
The company purchased the 102-unit Dunston Manor, which consists of two properties at 312 and 204 W. Roanoke St., for $2.075 million.
The second purchase went for $4.8 million and comprises 155 units. Remington referred to the three properties overall as Fairview Manor, and they include Bradford Manor at 2003 Fairfield Ave., Colorado Manor at 1701 Colorado Ave. and Lakeview Manor at 2001 Lakeview Ave.
According to city records, Code Capital purchased the properties from Maryland-based Quest Management Group.
Before scooping up these five complexes, Code Capital already owned Meadow Creek apartments at 5312 Hull Street Road, which it purchased in August for $5 million, city records indicate.
Remington declined to share the occupancy rate in Dunston Manor and Fairview Manor. He said the properties will undergo some moderate renovations, largely to their interiors.
“We do renovations on some, buy others with minimal needs for renovations – it’s really opportunistic,” Remington said.
Several factors drew Code Capital to the Richmond market, according to Remington, including the mixture of state government and big industries, as well as its easy accessibility from interstates and proximity to major ports.
“It’s a combination of all that,” he said. “Code Capital is actively looking to buy additional properties in the market.”
The company, which owns several thousand multifamily units, is hoping to make more purchases across the rest of the country, as well, with a focus in the mid-Atlantic and the Southeast.
The Bradford Manor apartment complex was one of a handful that recently sold to a New York firm. Photos by Katie Demeria.
A New York company has purchased several local apartment complexes as it bolsters its Richmond presence – and it is looking to snag even more.
Code Capital Partners, a real estate investment firm with offices in New York and Connecticut, recently closed on two purchases consisting of five apartment complexes and 257 units for $6.875 million.
“We like the trends that we’re seeing in Richmond. They’re good economic trends,” Capital Code managing partner Jared Remington said.
The company purchased the 102-unit Dunston Manor, which consists of two properties at 312 and 204 W. Roanoke St., for $2.075 million.
The second purchase went for $4.8 million and comprises 155 units. Remington referred to the three properties overall as Fairview Manor, and they include Bradford Manor at 2003 Fairfield Ave., Colorado Manor at 1701 Colorado Ave. and Lakeview Manor at 2001 Lakeview Ave.
According to city records, Code Capital purchased the properties from Maryland-based Quest Management Group.
Before scooping up these five complexes, Code Capital already owned Meadow Creek apartments at 5312 Hull Street Road, which it purchased in August for $5 million, city records indicate.
Remington declined to share the occupancy rate in Dunston Manor and Fairview Manor. He said the properties will undergo some moderate renovations, largely to their interiors.
“We do renovations on some, buy others with minimal needs for renovations – it’s really opportunistic,” Remington said.
Several factors drew Code Capital to the Richmond market, according to Remington, including the mixture of state government and big industries, as well as its easy accessibility from interstates and proximity to major ports.
“It’s a combination of all that,” he said. “Code Capital is actively looking to buy additional properties in the market.”
The company, which owns several thousand multifamily units, is hoping to make more purchases across the rest of the country, as well, with a focus in the mid-Atlantic and the Southeast.