Three years after selling for $80M, Henrico apartments fetch $138M

Located along Glenside Drive between its intersection with Broad Street and Staples Mill, The Acclaim at Carriage Hill is a 55-and-up independent living apartment complex. (Mike Platania photo)

Henrico County just recorded yet another nine-figure apartment sale, the third multifamily deal to eclipse that mark in the last 12 months.

The latest was The Acclaim at Carriage Hill independent living apartment community at 7050 Coachman Lane, which sold earlier this month for $138 million, Henrico property records show.

The new owner of the 55-and-up complex is New York-based investment firm Beitel Group. With 664 units, the sale equates to about $208,000 per door.

The seller was another investment firm from the Big Apple, Angelo Gordon, which bought the apartments in 2019 for $79.5 million. Angelo Gordon declined to comment.

Beitel Group is a privately-held real estate development and investment firm with 35 properties in its portfolio. Among its holdings are a pair of complexes in Virginia Beach totaling about 1,000 units, though Acclaim is its first deal in the Richmond region.

Michael Charles, Beitel’s director of asset management, echoed the same sentiment that many other multifamily investors new to the Richmond market have expressed in recent years.

“In Richmond I think there’s a lot of job growth and population growth. That’s what brought us there,” Charles said. “We feel it’s a very hot market. We love the southeast.”

Charles said they’re planning a multimillion-dollar renovation project for the apartments, one that’ll include upgrading Acclaim’s amenities.

The sale closed May 2, county records show. Henrico County most recently assessed the property at $99 million.

Joining The Acclaim in the $100 million-plus club in Henrico over the last year were the 11 North at White Oak apartments, which sold in February for $154 million, and Short Pump’s Flats at West Broad Village, which sold last fall for $111 million.

Meanwhile, in eastern Henrico, the 160-unit Townhomes of Oakley affordable housing apartments sold in late April for $18.5 million.

Located at 4633 Needham Court near White Oak, the apartment complex was sold to Maryland-based Walde Enterprises. The seller was Thalhimer Realty Partners, which was represented by Cushman & Wakefield colleagues Jorge Rosa and TJ Liberto in the deal.

Located along Glenside Drive between its intersection with Broad Street and Staples Mill, The Acclaim at Carriage Hill is a 55-and-up independent living apartment complex. (Mike Platania photo)

Henrico County just recorded yet another nine-figure apartment sale, the third multifamily deal to eclipse that mark in the last 12 months.

The latest was The Acclaim at Carriage Hill independent living apartment community at 7050 Coachman Lane, which sold earlier this month for $138 million, Henrico property records show.

The new owner of the 55-and-up complex is New York-based investment firm Beitel Group. With 664 units, the sale equates to about $208,000 per door.

The seller was another investment firm from the Big Apple, Angelo Gordon, which bought the apartments in 2019 for $79.5 million. Angelo Gordon declined to comment.

Beitel Group is a privately-held real estate development and investment firm with 35 properties in its portfolio. Among its holdings are a pair of complexes in Virginia Beach totaling about 1,000 units, though Acclaim is its first deal in the Richmond region.

Michael Charles, Beitel’s director of asset management, echoed the same sentiment that many other multifamily investors new to the Richmond market have expressed in recent years.

“In Richmond I think there’s a lot of job growth and population growth. That’s what brought us there,” Charles said. “We feel it’s a very hot market. We love the southeast.”

Charles said they’re planning a multimillion-dollar renovation project for the apartments, one that’ll include upgrading Acclaim’s amenities.

The sale closed May 2, county records show. Henrico County most recently assessed the property at $99 million.

Joining The Acclaim in the $100 million-plus club in Henrico over the last year were the 11 North at White Oak apartments, which sold in February for $154 million, and Short Pump’s Flats at West Broad Village, which sold last fall for $111 million.

Meanwhile, in eastern Henrico, the 160-unit Townhomes of Oakley affordable housing apartments sold in late April for $18.5 million.

Located at 4633 Needham Court near White Oak, the apartment complex was sold to Maryland-based Walde Enterprises. The seller was Thalhimer Realty Partners, which was represented by Cushman & Wakefield colleagues Jorge Rosa and TJ Liberto in the deal.

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