Two months after a pair of multifamily properties south of Richmond both sold to out-of-town buyers, another sizable rental community in Chesterfield County has been snatched up, this time by a New York real estate firm.
The 55-acre, 716-unit Crystal Lakes townhomes and apartments complex at 3501 Meadowdale Blvd., along the south side of Chippenham Parkway just west of Interstate 95, sold Sept. 27 for $37.5 million.
The buyer was New York City-based Emet Capital Management, according to a release from Cushman & Wakefield’s Washington, D.C. office, which represented the seller: California-based Latitude Real Estate Investors.
Cushman & Wakefield brokers Jorge Rosa, Anthony Liberto, Marc Robinson and John Campanella worked the deal.
It’s the latest Richmond-area transaction for Rosa and Liberto, who also represented a Maryland-based seller in the $33.3 million Aug. 9 sale of the 646-unit Town & Country Apartments near the Chippenham Parkway and Hull Street Road interchange.
That deal was one of two multifamily transactions in August that topped $25 million. The other – likewise to a D.C.-area buyer – was the 266-unit Courthouse Green apartments, another Chesterfield complex that sold Aug. 14 for $25.3 million.
Emet Capital represented itself in the Crystal Lakes transaction. Attempts to reach the company Monday for comment were not successful.
According to its website, Emet Capital focuses on distressed and “special situation” properties including affordable multifamily housing, student housing and senior housing.
Built between 1967 and 1973, Crystal Lakes comprises 692,000 square feet of gross building area, with 716 units averaging 966 square feet – 123 of which are in unrentable condition, according to a flier. Average market rents were listed at $708 per month, and the property had a 71.6 percent occupancy rate.
The flier described Crystal Lakes as one of the largest distressed rental communities in the Richmond MSA.
The property, which had previously gone back to a lender through foreclosure, was being marketed as a “value-add investment opportunity,” with potential in bringing the 123 units back to market with higher-end finishes and washer and dryer installations.
A listing on Cushman & Wakefield’s website was posted May 30 and called for offers by mid-July.
The property was last purchased in 2007 for $25 million, according to Chesterfield County property records. Latitude acquired it in March 2015, and more than $4.5 million has been invested in the property since 2012, according to the flier. The latest county assessment valued the property at $9.21 million.
Note: This story has been revised from its original version, which incorrectly described the Crystal Lakes complex as being located in Chester.