Addison Crater Woods totals 636 apartments that were built in phases over several decades. (Images courtesy Drucker + Falk)
Two weeks before it topped the nine-figure mark with a nearly $103 million apartment sale in Chesterfield, local multifamily giant Weinstein Properties nearly reached the same benchmark with a deal in Petersburg.
The Henrico-based landlord sold Addison Crater Woods, a 636-unit complex at 200 Addison Way in Petersburg, on Dec. 8 for $95.2 million.
The deal involves five parcels totaling 140 acres, including an undeveloped parcel that’s nearly 94 acres. The other four parcels make up the apartments.
The sale price appears to be the biggest ever seen for an apartment property in Petersburg, and puts it among the priciest in the Richmond region last year.
According to Petersburg’s online property records, the buyer was a group of four LLCs, two of which are listed to an address in Rockville Centre, a village on Long Island, New York. Another is based in Lincolnwood, Illinois, while the fourth – FFG & Foreview Ventures LLC – is based in Boca Raton, Florida.
Foreview Ventures is the name of a New York City firm led by principal and co-founder Seth Levine. Levine is listed in documents with the Virginia State Corporation Commission as a member of the first entity in the buying group: New York-based ACW Propco LLC.
Attempts to reach Levine were unsuccessful Monday. A phone number listed on Foreview’s website was not in service, and an email sent to its address bounced back as “blocked.” The website described Foreview as active in real estate and venture capital across the country.
Weinstein Properties was represented in the deal by Berkadia brokers Carter Wood and Cole Carns, who couldn’t be reached for comment. Calls to Weinstein co-presidents Allison Weinstein and Ivan Jecklin were not returned Monday.
Amenities include a clubhouse and indoor basketball court.
The price per unit comes out to just under $150,000, though that number would likely be less without the undeveloped land included in the total.
The 94-acre undeveloped parcel is assessed by Petersburg at over $1.76 million. The four developed parcels that make up the apartments are assessed by the city at over $53 million combined.
The undeveloped land is zoned PUD, indicating it’s potentially developable as a planned unit development.
The acreage that makes up Addison Crater Woods is along Crater Circle, near Southside Regional Medical Center. The apartments are behind the Walmart and South Crater Square shopping center along Crater Road/U.S. 301, northwest of the I-95-295 interchange.
Built in phases from the late 1980s to the 2000s, Addison Crater Woods consists of one-, two- and three-bedroom apartments, with sizes ranging from 640 to 1,350 square feet and rents from $1,300 to $1,800 and up, according to its website.
The property is managed by Drucker + Falk and is currently 97 percent occupied. Community amenities include a clubhouse, indoor basketball court, two pools and three fitness centers.
The sale price is more than double that of another apartment complex that was mentioned among Petersburg’s pricier apartment transactions in recent years. In 2022, the 408-unit Tanglewood Apartments at 1700 Johnson Road sold for $44 million.
In 2018, the 223-unit Mayton Transfer Lofts in Old Towne sold for $21.5 million.
The deal for Addison Crater Woods preceded Weinstein’s Dec. 21 sale of the Belmont Hills Apartments in Chesterfield to Richmond-based Levco Management for $102.8 million. That deal amounts to $158,000 per unit.
Addison Crater Woods totals 636 apartments that were built in phases over several decades. (Images courtesy Drucker + Falk)
Two weeks before it topped the nine-figure mark with a nearly $103 million apartment sale in Chesterfield, local multifamily giant Weinstein Properties nearly reached the same benchmark with a deal in Petersburg.
The Henrico-based landlord sold Addison Crater Woods, a 636-unit complex at 200 Addison Way in Petersburg, on Dec. 8 for $95.2 million.
The deal involves five parcels totaling 140 acres, including an undeveloped parcel that’s nearly 94 acres. The other four parcels make up the apartments.
The sale price appears to be the biggest ever seen for an apartment property in Petersburg, and puts it among the priciest in the Richmond region last year.
According to Petersburg’s online property records, the buyer was a group of four LLCs, two of which are listed to an address in Rockville Centre, a village on Long Island, New York. Another is based in Lincolnwood, Illinois, while the fourth – FFG & Foreview Ventures LLC – is based in Boca Raton, Florida.
Foreview Ventures is the name of a New York City firm led by principal and co-founder Seth Levine. Levine is listed in documents with the Virginia State Corporation Commission as a member of the first entity in the buying group: New York-based ACW Propco LLC.
Attempts to reach Levine were unsuccessful Monday. A phone number listed on Foreview’s website was not in service, and an email sent to its address bounced back as “blocked.” The website described Foreview as active in real estate and venture capital across the country.
Weinstein Properties was represented in the deal by Berkadia brokers Carter Wood and Cole Carns, who couldn’t be reached for comment. Calls to Weinstein co-presidents Allison Weinstein and Ivan Jecklin were not returned Monday.
Amenities include a clubhouse and indoor basketball court.
The price per unit comes out to just under $150,000, though that number would likely be less without the undeveloped land included in the total.
The 94-acre undeveloped parcel is assessed by Petersburg at over $1.76 million. The four developed parcels that make up the apartments are assessed by the city at over $53 million combined.
The undeveloped land is zoned PUD, indicating it’s potentially developable as a planned unit development.
The acreage that makes up Addison Crater Woods is along Crater Circle, near Southside Regional Medical Center. The apartments are behind the Walmart and South Crater Square shopping center along Crater Road/U.S. 301, northwest of the I-95-295 interchange.
Built in phases from the late 1980s to the 2000s, Addison Crater Woods consists of one-, two- and three-bedroom apartments, with sizes ranging from 640 to 1,350 square feet and rents from $1,300 to $1,800 and up, according to its website.
The property is managed by Drucker + Falk and is currently 97 percent occupied. Community amenities include a clubhouse, indoor basketball court, two pools and three fitness centers.
The sale price is more than double that of another apartment complex that was mentioned among Petersburg’s pricier apartment transactions in recent years. In 2022, the 408-unit Tanglewood Apartments at 1700 Johnson Road sold for $44 million.
In 2018, the 223-unit Mayton Transfer Lofts in Old Towne sold for $21.5 million.
The deal for Addison Crater Woods preceded Weinstein’s Dec. 21 sale of the Belmont Hills Apartments in Chesterfield to Richmond-based Levco Management for $102.8 million. That deal amounts to $158,000 per unit.
Congrats to the Berkadia brokers for another outstanding sale. I suspect that the undeveloped parcels are undeveloped because they are not developable, There’s a shallow creek running through that area that frequently floods. Weinstein wouldn’t have missed an opportunity to build on good land. The value in the deal was in the income of the apartments.
I hear that 600 West Wythe Street is moving along nicely in its re purposing of the trunk factory into 300 apartments.