The Park at Salisbury sits on over 44 acres near the intersection of Route 288 and Midlothian Turnpike. (BizSense file photo)
Correction: The Park at Salisbury apartments were developed by Ronald C. Evans & Associates. An earlier version of this story listed the developer as Guy Blundon, who worked with Evans on The Park and led the development of Commonwealth Apartments.
Two apartment deals in Chesterfield County with a combined sales price of $138 million closed on the same day this week, one of which involved the president-elect’s son-in-law.
The Park at Salisbury apartment complex changed hands Monday for $79.2 million, as did Commonwealth Apartments, which fetched $59.2 million.
The Park at Salisbury is the larger of the two complexes with 320 units. Commonwealth has 234.
In addition to both selling on Nov. 18, the two complexes have other similarities. Both sit near Route 288, with The Park at 401 Lancaster Gate Drive near the Midlothian Turnpike interchange and Commonwealth Apartments at 5401 Commonwealth Centre Parkway, near the Hull Street Road exit.
Both complexes involved local developer Guy Blundon, who completed Commonwealth in 2022 and worked with Ronald C. Evans & Associates on The Park in 2004. Evans was the managing partner on The Park, Blundon said.
Kushner Cos., the family business of president-elect Donald Trump’s son-in-law Jared Kushner, was the seller in the Park at Salisbury deal. Kushner bought the complex in 2019 for $60.5 million and last week sold it to Ohio-based Coastal Ridge Real Estate.
The Park at Salisbury is the first acquisition Coastal Ridge has made in the Richmond area, and it joins the firm’s portfolio of over $5 billion in assets under management. The company, according to its website, also manages the Ascend RVA apartment tower near VCU. Neither Kushner nor Coastal Ridge responded to requests seeking comment.
The per-door sales price clocked in at $248,000. Chesterfield County most recently assessed the complex at $63 million.
Commonwealth Apartments’ new owner is Mesa Capital Partners, an Atlanta-based firm that invests in and develops apartment complexes. Mesa previously owned The Livingston, a 327-unit complex near Cosby Village in Chesterfield. It sold that property a few years ago to Henrico-based Capital Square for $86 million.
County records show the seller was an entity tied to Blundon, who wasn’t immediately available for comment. The per-door price for Commonwealth was $253,000. The county most recently assessed the complex at $48.6 million.
Both sales were brokered by Berkadia’s Drew White, Carter Wood, Cole Carns and Hunter Wood.
It’s been a busy end to the year for the Berkadia squad in the multifamily world, as they also worked the $35 million sale of The Villas at Cedarhurst apartments near Westover Hills, as well as the $13.2 million sale of the Crestwood at Libbie apartments in the West End.
White said he thinks out-of-town buyers such as Coastal Ridge and Mesa are noticing the momentum in Richmond and opting to invest here rather than in markets like Raleigh and the Washington, D.C., area.
“We’re seeing a lot of fresh capital come to Richmond in pursuit of the good market fundamentals here,” White said. “When you look at Richmond’s pipeline and how it lines up for supporting future rent growth, it’s really strong. That’s the backbone.”
The Park at Salisbury sits on over 44 acres near the intersection of Route 288 and Midlothian Turnpike. (BizSense file photo)
Correction: The Park at Salisbury apartments were developed by Ronald C. Evans & Associates. An earlier version of this story listed the developer as Guy Blundon, who worked with Evans on The Park and led the development of Commonwealth Apartments.
Two apartment deals in Chesterfield County with a combined sales price of $138 million closed on the same day this week, one of which involved the president-elect’s son-in-law.
The Park at Salisbury apartment complex changed hands Monday for $79.2 million, as did Commonwealth Apartments, which fetched $59.2 million.
The Park at Salisbury is the larger of the two complexes with 320 units. Commonwealth has 234.
In addition to both selling on Nov. 18, the two complexes have other similarities. Both sit near Route 288, with The Park at 401 Lancaster Gate Drive near the Midlothian Turnpike interchange and Commonwealth Apartments at 5401 Commonwealth Centre Parkway, near the Hull Street Road exit.
Both complexes involved local developer Guy Blundon, who completed Commonwealth in 2022 and worked with Ronald C. Evans & Associates on The Park in 2004. Evans was the managing partner on The Park, Blundon said.
Kushner Cos., the family business of president-elect Donald Trump’s son-in-law Jared Kushner, was the seller in the Park at Salisbury deal. Kushner bought the complex in 2019 for $60.5 million and last week sold it to Ohio-based Coastal Ridge Real Estate.
The Park at Salisbury is the first acquisition Coastal Ridge has made in the Richmond area, and it joins the firm’s portfolio of over $5 billion in assets under management. The company, according to its website, also manages the Ascend RVA apartment tower near VCU. Neither Kushner nor Coastal Ridge responded to requests seeking comment.
The per-door sales price clocked in at $248,000. Chesterfield County most recently assessed the complex at $63 million.
Commonwealth Apartments’ new owner is Mesa Capital Partners, an Atlanta-based firm that invests in and develops apartment complexes. Mesa previously owned The Livingston, a 327-unit complex near Cosby Village in Chesterfield. It sold that property a few years ago to Henrico-based Capital Square for $86 million.
County records show the seller was an entity tied to Blundon, who wasn’t immediately available for comment. The per-door price for Commonwealth was $253,000. The county most recently assessed the complex at $48.6 million.
Both sales were brokered by Berkadia’s Drew White, Carter Wood, Cole Carns and Hunter Wood.
It’s been a busy end to the year for the Berkadia squad in the multifamily world, as they also worked the $35 million sale of The Villas at Cedarhurst apartments near Westover Hills, as well as the $13.2 million sale of the Crestwood at Libbie apartments in the West End.
White said he thinks out-of-town buyers such as Coastal Ridge and Mesa are noticing the momentum in Richmond and opting to invest here rather than in markets like Raleigh and the Washington, D.C., area.
“We’re seeing a lot of fresh capital come to Richmond in pursuit of the good market fundamentals here,” White said. “When you look at Richmond’s pipeline and how it lines up for supporting future rent growth, it’s really strong. That’s the backbone.”
The Park was Guy’s very first multifamily ground up development in the Richmond market, built in partnership with Ron Evans. Since that day he’s built thousands of units here, most recently Shiplock in Shockoe, Rivers Edge in Manchester and The Commonwealth and Winterfield in Midlothian. And yet, few people recognize his achievements. He keeps a low profile. Guy has several tracts in the pipeline, all zoned for multi-family, and the next will be the active adult community adjacent to Winterfield. Ron Evans, who still owns hundreds of apartments units locally that he built, is gearing up to build a 100… Read more »