NoVa firm snags Southside apartment complex for $47M in year-end deal

ashley park Cropped scaled

The Ashley Park apartments are just east of Chippenham Hospital. (Mike Platania photo)

Transaction volume in the region’s multifamily real estate market seems to be continuing to pick up momentum as a Southside apartment complex fetched eight figures just before the calendar turned over. 

The Ashley Park Apartment Homes at 6901 Marlowe Road sold last month for $47.1 million, city property records show. The 272-unit complex is located just east of Chippenham Hospital. 

darius saeidi

Darius Saeidi

The new owner is DSP Real Estate Capital, a Northern Virginia-based firm that’s using Ashley Park as its entrance into the Richmond market. DSP’s portfolio, valued at around $300 million, counts over 1,500 units throughout Virginia, West Virginia and South Carolina. Its other Virginia holdings are in Roanoke. 

The sale closed Dec. 20 with a per-door price of $173,000. The property was most recently assessed by the city at $40 million. 

Newmark’s Charles Wentworth, Victoria Pickett and Garrison Gore brokered the deal, and Berkadia arranged financing. 

DSP is privately held and raises funds on a deal-by-deal basis. Partner Darius Saeidi said the company looks for multifamily properties that are ripe for upgrades in growing markets. 

Saeidi said DSP is planning to gradually renovate the units in the 1980s-era complex, which is 98 percent occupied. Ashley Park apartments rent for around $1,400 for a one-bedroom and $1,800 for two bedrooms. 

“It’ll be like your standard renovation package with flooring, appliances, cabinets, backsplash, electric fixtures (and) bathrooms,” Saeidi said.

Local apartment sales slowed down a bit throughout 2023 and 2024 but picked up as last year ended, with a pair of Chesterfield complexes selling for nearly $140 million in November and The River Lofts at Tobacco Row going for $123.5 million in late December, in what wound up being the region’s biggest real estate deal of 2024

Saeidi said across all the markets DSP is in, “Rents and fundamentals have been pretty consistent and good.”

“But obviously with interest rates, there’s been some headwinds with valuation,” he said. 

ashley park Cropped scaled

The Ashley Park apartments are just east of Chippenham Hospital. (Mike Platania photo)

Transaction volume in the region’s multifamily real estate market seems to be continuing to pick up momentum as a Southside apartment complex fetched eight figures just before the calendar turned over. 

The Ashley Park Apartment Homes at 6901 Marlowe Road sold last month for $47.1 million, city property records show. The 272-unit complex is located just east of Chippenham Hospital. 

darius saeidi

Darius Saeidi

The new owner is DSP Real Estate Capital, a Northern Virginia-based firm that’s using Ashley Park as its entrance into the Richmond market. DSP’s portfolio, valued at around $300 million, counts over 1,500 units throughout Virginia, West Virginia and South Carolina. Its other Virginia holdings are in Roanoke. 

The sale closed Dec. 20 with a per-door price of $173,000. The property was most recently assessed by the city at $40 million. 

Newmark’s Charles Wentworth, Victoria Pickett and Garrison Gore brokered the deal, and Berkadia arranged financing. 

DSP is privately held and raises funds on a deal-by-deal basis. Partner Darius Saeidi said the company looks for multifamily properties that are ripe for upgrades in growing markets. 

Saeidi said DSP is planning to gradually renovate the units in the 1980s-era complex, which is 98 percent occupied. Ashley Park apartments rent for around $1,400 for a one-bedroom and $1,800 for two bedrooms. 

“It’ll be like your standard renovation package with flooring, appliances, cabinets, backsplash, electric fixtures (and) bathrooms,” Saeidi said.

Local apartment sales slowed down a bit throughout 2023 and 2024 but picked up as last year ended, with a pair of Chesterfield complexes selling for nearly $140 million in November and The River Lofts at Tobacco Row going for $123.5 million in late December, in what wound up being the region’s biggest real estate deal of 2024

Saeidi said across all the markets DSP is in, “Rents and fundamentals have been pretty consistent and good.”

“But obviously with interest rates, there’s been some headwinds with valuation,” he said. 

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