A Southside apartment complex has landed a new owner after several years on the market.
Bill Walde, a real estate investor who has holdings up and down the East Coast, earlier this month purchased the former Dutch Village community at 3219 Glenan Drive for $5.3 million, before promptly rebranding the property to the Townhouses of Chesterfield.
Dutch Village has been on the market since 2013, after the 116-unit complex was reclaimed through foreclosure by a New York lender. It had been owned by Space Properties LLC, a Richmond real estate firm whose management practices were called into question by television reports.
“It’s been neglected and we’re going to bring life back into it,” said Walde, who operates through his company Walde Management. “The people who owned it didn’t do anything to it, and we saw that it had good bones and a lot of good value.”
The property, which sits on 13 acres, is about 97 percent leased.
Walde has worked planned for the complex to spruce up the interior and exterior. He’s already repaved the parking lot and work is underway to upgrade many of the units, which are two-bedrooms and divided into rental townhomes, and add an additional 32 units on which he hopes to start construction in May.
He did not share how much the renovations will likely cost.
Neither the buyer nor the seller was represented by a broker in this deal, according to Walde. He worked directly with the seller. Cushman & Wakefield | Thalhimer is managing the property.
This is not Walde’s first foray into the Richmond market, though he does say he is currently hoping to ramp up his work in and around the city.
He currently owns about 500,000 square feet of warehouse space in the area, including the power distribution property in Oakleys Court. He also has holdings in the fast growing Scott’s Addition neighborhood, including the Altamont apartment building and a piece of vacant land that he plans to develop in the future.
Outside of Richmond, Walde owns about 1,000 apartments in Washington, D.C., among many other holdings.
“I own real estate from Burlington, Vermont, to Florida,” he said.
That real estate ranges from homeland security campuses in Vermont to shopping centers in Charleston. He’s been doing work in Richmond for the past 30 years, he said.
“Richmond is a good town, it’s a steady-as-you-go town,” Walde said. “I like projects where you can rehabilitate them and put new life into them.”
Good for Walde and any landlord of Class C proprties who care enough for the residents to keep the properties in good condition. The odd thing about Dutch Village was that the kitchens and baths were updated yet the buildings were nearly collapsing around them. It was a strange way of investing money by the previous owner. We need more Waldes.
My grandfather, Larry Sterling OBM, originally developed this property in the 1960s. I don’t know Mr. Walde but I’m proud that he has decided to purchase the property and return it to its former glory.
Funny name choice considering it is not in Chesterfield County and has not been since 1969. Improvements are needed and glad to see they are moving forward.