The 230-unit complex dates back nearly 50 years. (Mike Platania photos)
The sale of a Southside apartment complex has set a new high bar for multifamily deals in the city this year.
The Villas at Cedarhurst apartment complex sold last month for $35.5 million, city records show.
The 230-unit complex sits about a mile south of Willow Oaks in the city’s Southside. The new owner is Highwater Properties, a Los Angeles-based investment firm with 620 units in its portfolio.
Highwater partner Luke Mullan said the firm had been trying to break into the Richmond market in recent years.
“This property is in a great submarket with a strong operational history. We are excited about the strong fundamentals in the market and believe there are tailwinds that will further boost the Richmond market as a whole,” Mullan said.
The city most recently assessed the complex at $39.4 million, and the per-door sale price was $154,000. Mullan said the complex is 95 percent occupied.
The Villas at Cedarhurst spans 13 acres and counts over a dozen buildings constructed in the 1970s. According to city records, the seller in the deal was an entity tied to major local landlord Weinstein Properties, which has sold a few of its apartment complexes in the last year.
Weinstein Properties did not respond to requests seeking comment.
Mullan said Highwater plans on “maintaining the affordability” at the Villas, “while adding a few much needed touches including a refreshed amenity space and a new dog park.”
On its website, Highwater states that it targets multifamily apartments “in cities that exhibit high job growth and healthy population density,” and The Villas at Cedarhurst is one of four complexes in its portfolio. Its other assets are in Norfolk, Yorktown and Atlanta.
At $35.5 million, the sale was more than double the next-highest apartment deal in the city this year, which was the June sale of the Timbercreek Apartments, also in the Southside, for $16.5 million.
Though 2024 has been a relatively slower year for land and asset sales in the region, deals have been picking up in recent weeks as interest rates begin to fall. Other recent deals to eclipse eight figures include the $60 million-plus sales of shopping centers Stonehenge Village and White Oak Village.
The 230-unit complex dates back nearly 50 years. (Mike Platania photos)
The sale of a Southside apartment complex has set a new high bar for multifamily deals in the city this year.
The Villas at Cedarhurst apartment complex sold last month for $35.5 million, city records show.
The 230-unit complex sits about a mile south of Willow Oaks in the city’s Southside. The new owner is Highwater Properties, a Los Angeles-based investment firm with 620 units in its portfolio.
Highwater partner Luke Mullan said the firm had been trying to break into the Richmond market in recent years.
“This property is in a great submarket with a strong operational history. We are excited about the strong fundamentals in the market and believe there are tailwinds that will further boost the Richmond market as a whole,” Mullan said.
The city most recently assessed the complex at $39.4 million, and the per-door sale price was $154,000. Mullan said the complex is 95 percent occupied.
The Villas at Cedarhurst spans 13 acres and counts over a dozen buildings constructed in the 1970s. According to city records, the seller in the deal was an entity tied to major local landlord Weinstein Properties, which has sold a few of its apartment complexes in the last year.
Weinstein Properties did not respond to requests seeking comment.
Mullan said Highwater plans on “maintaining the affordability” at the Villas, “while adding a few much needed touches including a refreshed amenity space and a new dog park.”
On its website, Highwater states that it targets multifamily apartments “in cities that exhibit high job growth and healthy population density,” and The Villas at Cedarhurst is one of four complexes in its portfolio. Its other assets are in Norfolk, Yorktown and Atlanta.
At $35.5 million, the sale was more than double the next-highest apartment deal in the city this year, which was the June sale of the Timbercreek Apartments, also in the Southside, for $16.5 million.
Though 2024 has been a relatively slower year for land and asset sales in the region, deals have been picking up in recent weeks as interest rates begin to fall. Other recent deals to eclipse eight figures include the $60 million-plus sales of shopping centers Stonehenge Village and White Oak Village.