One month after selling its sole property in Richmond, a Northern Virginia-based real estate group has decided it wants back in on the market.
Gainesville-based MBI-R1 LLC has purchased the 98-unit Hampstead Apartments at 2340 Hampstead Ave., off West Broad Street just west of Libbie Avenue. The off-market sale, totaling $5.8 million, closed March 24.
Tom Rosman of One South Commercial represented the buyer, listed in Henrico County property records as MBI-R1 LLC and Mission Bay Investments 3 LLC. The former previously owned a 40-unit apartment property on Chamberlayne Avenue but sold it in February to a New York-based buyer.
Rosman said the group was looking to reenter the Richmond market.
“They like the location, they like the layout, they like Richmond,” he said. “They just thought it was a strong investment.”
Rosman said the group plans to spend money on renovations, with a focus on the apartments’ interiors. He said the property’s previous owner did a lot of exterior work, including new siding, roofs and windows.
The seller was Lynn Parsons, president of The Windsor Company, which managed the property. The apartments were purchased in 2008 through Hampstead Apartments LLC for $5.1 million, according to county records.
Totaling 74,000 square feet, the property, built in 1962, was most recently assessed at $4.73 million. Rosman said it is currently 97 percent occupied.
Parsons, who is now based in Palm Beach, Florida, said he was looking to sell the property as he heads toward retirement.
“I don’t want to say it was a management-intensive property, but it was just taking up more time than I wanted to spend with it,” Parsons said. He purchased the property from the family behind Gumenick Properties, the developer of the Libbie Mill Midtown development.
“At the time, it was a good investment,” Parsons said. “It was a good match for us. (Gumenick) needed to get out of it to do some other things. The property was too small for them to manage, and it was the right size for me to manage.”
The Windsor Company still maintains a presence locally. Parsons said it manages the Hermitage Square Apartments in Henrico, as well as several single-family homes throughout the area. The company also manages the Shenandoah Village apartments in Roanoke.
Editor’s note: This story has been revised to correct the number of units in Hampstead Apartments and the properties managed by The Windsor Company. The original version mentioned Hilliard Road Apartments, which is managed by Landmark Property Services.