A pair of sister apartment complexes recently drew in $17.15 million for a local real estate firm.
Bailey’s Ridge apartments in Prince George and Terrace View apartments in Colonial Heights were sold in late October for $12.6 million and $4.55 million, respectively.
The seller was HW Owens Inc., which develops and operates apartments in the Richmond area.
Wink Ewing, an ARA Newmark broker who handled the listings, said the company thought it was a good time to sell and was “ready to exit.” It still has four properties with about 500 units in the Richmond area, he said.
The buyer was Missouri-based Legacy Real Estate Group. It has plans to do some minor renovations and upgrades, but the buildings are in good shape as they are, according to Ewing.
Built in 1999, Bailey’s Ridge has 156 units over 156,000 square feet. It sits on 11 acres at 4750 Baileys Ridge Drive and is 98 percent occupied. Its average rent is $764.
Terrace View and its 62 units are located at 202 Lakeview Park Road. The complex encompasses 64,000 square feet on 5 acres. It is 94 percent occupied and was constructed in 1998. Average rent is $767.
The complexes were listed together in June. Ewing said the properties were attractive because they were developed to qualify for low-income housing tax credits and are now out of their original bond periods, meaning a new owner does not have to go through the housing credit authority to refinance the properties.
“So that means you can come back in, and even though they have to remain affordable, you can put market-rate financing on it,” Ewing said.
Ewing has a handful of other listings in the Richmond area, including the Aspen Station complex in Henrico County, which is looking to fetch $26 million from a new owner. On the Southside, the Newport Manor complex is seeking $16.5 million, and the Lee School Lofts in the Museum District has been listed for $8 million.