Henrico apartment complex sells for $15M; buyer plans $6M renovation

The Place One Apartments in Henrico are slated for a $6.3 million renovation after selling for $15.75 million. (Jonathan Spiers photo)

A western Henrico apartment complex for low-income renters is set to receive a multimillion-dollar upgrade after its sale last month to a West Coast buyer.

The 114-unit Place One Apartments at 4222 Almora Ave. sold May 24 for $15.75 million. The buyer is an entity tied to Preservation Partners Management Group, a California-based firm that plans to spend over $55,000 per unit on the complex in an investment totaling nearly $6.3 million.

The seller was an entity called SP Place One LP, which bought the 8-acre property for $4.45 million in 2005. Henrico County most recently assessed the property at $9.97 million.

PPMG’s purchase and rehab are being financed with $18 million in bonds approved by the Henrico Board of Supervisors in April. The bonds are being issued by the Suffolk Redevelopment and Housing Authority, which PPMG is using to secure the financing because Henrico does not have a housing authority.

A similar scenario played out with Hope Village Apartments, a federally subsidized apartment complex off Mountain Road in Glen Allen that completed a $5 million upgrade in 2019.

That project was the first to be done to federally subsidized housing in Henrico with involvement from the county through a memorandum of understanding, allowing Henrico to have input in the upgrades.

A similar MOU was done with Place One, which is set to receive fire safety improvements, carbon monoxide detection devices, playground upgrades, landscaping, exterior lighting improvements, kitchen and bathroom upgrades, and roof and fencing improvements.

Built in 1980, Place One consists of several three-story building clusters totaling 93,200 square feet. The property is located beside the Abbington West End and Fox Rest apartments off Bremner Boulevard, between Staples Mill Road and West Broad Street.

Focused on acquiring, rehabbing and preserving subsidized housing, PPMG has a portfolio totaling 85 properties in seven states, according to its website. It has one other property in Virginia: the 292-unit Colonial Ridge Apartments in Colonial Heights.

Attempts to reach the company for comment were unsuccessful Monday.

The Place One project adds to other multifamily housing investments being made in that part of the county. The property is near Wistar Glen, a 15-acre project from Stanley Martin Homes that’s adding 136 condos and 24 townhomes west of Broad Street. Nearby on Broad, Stanley Martin also is building its 200-condo West Broad Landing development.

Farther south, off Glenside Drive, the 297-unit Carriage Hill Apartments sold in 2019 for $32.2 million. The buyer was Brentwood Investment Group, one of the firms behind the renovations underway at Imperial Plaza in Richmond.

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