A 1960s-era apartment complex is in the hands of new owners after an eight-figure deal that’s considered to be the priciest Richmond has seen for a property of that age.
The Stratford Hills apartments at 2517 W. Tremont Court sold Sept. 2 for $76.5 million. The 30-acre property is off Forest Hill Avenue just east of Huguenot High School.
The new owner is an entity tied to Lightstone, a real estate company based in Lakewood, New Jersey.
The property was previously owned by two LLCs, one tied to locally based Landmark Property Services and the other to Morton Thalhimer III.
At 430 units, the sale price comes out to just over $177,900 per door. Garrison Gore, who represented the sellers along with Colliers colleagues Charles Wentworth, G.S. Hankins and Victoria Pickett, said the per-door price is the highest seen in Richmond for a 1960s-era apartment property.
Gore said the property was listed in late March and drew interest from 10 groups over a three- to four-week span. He said Landmark had owned the property for two decades and decided to sell in light of rent growth in the area.
The property was last purchased in 2003 for just over $15 million, city property records show. The city assessed the property this year at $46.6 million.
The property is Lightstone’s only asset in the Richmond market, according to its website. The company’s portfolio of 173 properties across 25 states includes just over a dozen other properties in Virginia.
A Lightstone representative said the company would not comment on the transaction.
Gore said Lightstone plans to upgrade unit interiors and amenities to capitalize on the rent growth in the area.
Consisting of 292 townhomes and 138 garden-style flats, the complex was built in 1966 and includes one-, two- and three-bedroom floorplans ranging from 890 to 1,190 square feet in size. Gore said the units were 98 percent occupied when the transaction closed, with monthly rents averaging $1,015.
Stratford Hills follows other properties that Landmark has unloaded in recent years. Last year, the company sold the 41-unit Delmont Plaza apartments near Richmond Raceway for $4 million.
Landmark also is working with The Wilton Cos. on a conversion of the Mutual Building at 909 E. Main St. into 170 apartments.