A rebrand looks to be in the works for the Aden Park apartment complex.
With two deals totaling nearly a quarter of a billion dollars, a New York investment firm has entered the Richmond market this year with a splash and it may have another deal in the works.
Last month New York-based AION Partners purchased the Aden Park and Glenway Green apartments at 435 German School Road for $77 million, city records show.
Sitting on 44 acres to the east of Midlothian Turnpike and Chippenham Parkway, the complex spans 538 units across 50 buildings. The per-door sale price comes out to $143,000. The property was most recently assessed at $55 million.
AION opened 2022 with its first local deal: the $154 million acquisition of the 1,184-unit 11 North at White Oak apartments. It marked the highest price tag ever for a multifamily property in Henrico.
AION is an 11-year-old company that focuses on investing in what it calls workforce housing throughout the Mid-Atlantic and Midwest. In the spring it announced the completion of a $275 million capital raise.
The company looks to be putting that money to work quickly, as in February it counted 33 apartment properties in its portfolio and now lists ownership of 53 properties. So far this year the firm has spent $231 million on Richmond-area apartments.
The complex spans 44 acres and dozens of buildings in the Southside. (BizSense file photo)
AION also has a habit of rebranding the apartments it acquires. It’s now marketing the Aden Park apartments as “James River Pointe” and the 11 N. Laburnum Ave. complex as “Pointe at River City.”
Denver-based Hivernan Realty Group was the seller in the Aden Park deal. It bought the apartments for $47 million in 2018.
Multiple attempts to reach AION for comment went unreturned. Hivernan couldn’t be reached for comment.
It looks like the two firms may have another local deal in the works.
The Hivernan-owned, 278-unit Rollingwood apartments at 6300 Pewter Ave. in Chesterfield are now listed as an investment on AION’s website, where they’re marketed as “Chesterfield Flats.” County records still list Hivernan as the owner as of Tuesday afternoon. Hivernan picked up the Rollingwood apartments for $24 million in 2017.
The latest deal indicates New York-based firms continue to see the region’s multifamily market as fertile ground for investment. In the spring Beitel Group bought the Acclaim at Carriage Hill apartments for $138 million, Mercer Street Partners bought a Church Hill-area apartment building for $11 million, and finance giant Blackstone bought The James in Northside for $45 million.
A rebrand looks to be in the works for the Aden Park apartment complex.
With two deals totaling nearly a quarter of a billion dollars, a New York investment firm has entered the Richmond market this year with a splash and it may have another deal in the works.
Last month New York-based AION Partners purchased the Aden Park and Glenway Green apartments at 435 German School Road for $77 million, city records show.
Sitting on 44 acres to the east of Midlothian Turnpike and Chippenham Parkway, the complex spans 538 units across 50 buildings. The per-door sale price comes out to $143,000. The property was most recently assessed at $55 million.
AION opened 2022 with its first local deal: the $154 million acquisition of the 1,184-unit 11 North at White Oak apartments. It marked the highest price tag ever for a multifamily property in Henrico.
AION is an 11-year-old company that focuses on investing in what it calls workforce housing throughout the Mid-Atlantic and Midwest. In the spring it announced the completion of a $275 million capital raise.
The company looks to be putting that money to work quickly, as in February it counted 33 apartment properties in its portfolio and now lists ownership of 53 properties. So far this year the firm has spent $231 million on Richmond-area apartments.
The complex spans 44 acres and dozens of buildings in the Southside. (BizSense file photo)
AION also has a habit of rebranding the apartments it acquires. It’s now marketing the Aden Park apartments as “James River Pointe” and the 11 N. Laburnum Ave. complex as “Pointe at River City.”
Denver-based Hivernan Realty Group was the seller in the Aden Park deal. It bought the apartments for $47 million in 2018.
Multiple attempts to reach AION for comment went unreturned. Hivernan couldn’t be reached for comment.
It looks like the two firms may have another local deal in the works.
The Hivernan-owned, 278-unit Rollingwood apartments at 6300 Pewter Ave. in Chesterfield are now listed as an investment on AION’s website, where they’re marketed as “Chesterfield Flats.” County records still list Hivernan as the owner as of Tuesday afternoon. Hivernan picked up the Rollingwood apartments for $24 million in 2017.
The latest deal indicates New York-based firms continue to see the region’s multifamily market as fertile ground for investment. In the spring Beitel Group bought the Acclaim at Carriage Hill apartments for $138 million, Mercer Street Partners bought a Church Hill-area apartment building for $11 million, and finance giant Blackstone bought The James in Northside for $45 million.
The Richmond market has certainly caught the eyes of national investors. When we went to market with Aden Park and Glenway Green four years ago, Hivernon swept us off our feet with its aggressive offer. Their invite has been rewarded!