Alex Griffith didn’t plan on adding a Forest Hill apartment complex to his portfolio this summer but, with a commercial broker for a brother, deals can materialize quickly.
Last month, Griffith purchased the 16-unit Maple Hill Apartments at 4509 Forest Hill Ave. for $2.25 million.
It’s the second seven-figure deal in as many months for Griffith, a Richmond native who’d spent the previous decade in California’s Bay Area working in residential development. In May he spent $3.25 million on a collection of office and retail buildings in Shockoe Slip that have Sam Miller’s as a restaurant tenant.
Griffith’s brother Calvin is a broker at CBRE, who with colleague Peyton Cox found the Maple Hill deal and brought it to Alex.
“I didn’t intend to close this fast at all. I was thinking maybe we’ll find something to do at the beginning of next year. But when you find a good one you have to be ready to go,” Alex said.
“I remembered Forest Hill growing up, but I started going to (Forest Hill Park) with my kids a few months after I moved back here. There’s just so much cool stuff around here and I got excited about that area.”
The 18,000-square-foot apartment complex was built in 1975 and is due for some slight renovations, Griffith said.
“We’ll do some updating like changing the name, landscaping and the signage. The units are well-maintained but pretty dated,” Griffith said, adding that he estimates he’ll invest about $300,000 in their renovation. Atlantic Union Bank is his lender.
The seller was an unnamed family who’d owned the buildings since they were built. Griffith said the apartments are 100 percent leased. The 0.9-acre parcel was most recently assessed by the city at $1 million.
With the Shockoe Slip and Forest Hill deals completed, Griffith said he’s planning to take it easy for a while.
“I’m trying to catch my breath, but Peyton and Calvin are always sending me something,” he said, laughing.