Bristol completed The Collective in 2023. (Courtesy Berkadia)
A major Richmond-based landlord has just beefed up its local holdings with the purchase of a sizable Goochland County apartment development.
Weinstein Properties last month purchased The Collective West Creek, a 335-unit complex at 1000 Collective Way, for $102.1 million, county property records show.
The 18-acre complex off Patterson Avenue was built by Tennessee-based developer Bristol Development Group, which began planning The Collective in 2020 and completed it in 2023.
Bristol Senior Partner David Hanchrow said the firm wasn’t necessarily looking to sell The Collective, but that it was approached by Weinstein in late 2024.
“They asked us about The Collective and we said it wasn’t on the market, but we’d be open if they could get to the right number,” Hanchrow said. “And lo and behold, they got to the right number. It was a great transaction. I think everybody was pleased with the results.”
The sale comes out to $305,000 per-door. Berkadia’s Carter Wood, Drew White and Cole Carns worked the deal.
Following the Feb. 27 deal, The Collective was rebranded to Bexley West Creek. Hanchrow said the complex was 94 percent leased at the time of sale, with rents averaging $2.11 per square foot. Goochland County most recently assessed the property at $86.5 million.
Representatives for Weinstein Properties weren’t available for comment by press time.
Based out of Innsbrook, Weinstein is a longtime landlord in the Richmond region, dating back to the 1950s. Today its portfolio of over 20,000 units is primarily located in Texas, North Carolina, Georgia and Tennessee.
Locally, Weinstein has mostly been a seller in the last 18 months, offloading more than 1,500 units over several deals in the Southside, Petersburg and Chesterfield totaling around $233 million. It still owns about 3,000 units in the region.
Bristol has built and sold multifamily complexes across the Richmond region in recent years, including Tapestry West in the Westwood area, Artistry at Winterfield in Powhatan, and Canopy at Ginter Park in the city’s Northside. It closed another $100 million-plus deal in 2019 when it sold its 2000 West Creek complex to Henrico-based Capital Square for $103 million.
Bristol’s latest local project is a 279-unit apartment building off Telegraph Road near the former Virginia Center Commons site. Hanchrow said framing is beginning to go up on that building, and that the company remains bullish on the Richmond area.
“We’ve always got our eyes opened in Richmond for the next opportunity,” he said.
Bristol completed The Collective in 2023. (Courtesy Berkadia)
A major Richmond-based landlord has just beefed up its local holdings with the purchase of a sizable Goochland County apartment development.
Weinstein Properties last month purchased The Collective West Creek, a 335-unit complex at 1000 Collective Way, for $102.1 million, county property records show.
The 18-acre complex off Patterson Avenue was built by Tennessee-based developer Bristol Development Group, which began planning The Collective in 2020 and completed it in 2023.
Bristol Senior Partner David Hanchrow said the firm wasn’t necessarily looking to sell The Collective, but that it was approached by Weinstein in late 2024.
“They asked us about The Collective and we said it wasn’t on the market, but we’d be open if they could get to the right number,” Hanchrow said. “And lo and behold, they got to the right number. It was a great transaction. I think everybody was pleased with the results.”
The sale comes out to $305,000 per-door. Berkadia’s Carter Wood, Drew White and Cole Carns worked the deal.
Following the Feb. 27 deal, The Collective was rebranded to Bexley West Creek. Hanchrow said the complex was 94 percent leased at the time of sale, with rents averaging $2.11 per square foot. Goochland County most recently assessed the property at $86.5 million.
Representatives for Weinstein Properties weren’t available for comment by press time.
Based out of Innsbrook, Weinstein is a longtime landlord in the Richmond region, dating back to the 1950s. Today its portfolio of over 20,000 units is primarily located in Texas, North Carolina, Georgia and Tennessee.
Locally, Weinstein has mostly been a seller in the last 18 months, offloading more than 1,500 units over several deals in the Southside, Petersburg and Chesterfield totaling around $233 million. It still owns about 3,000 units in the region.
Bristol has built and sold multifamily complexes across the Richmond region in recent years, including Tapestry West in the Westwood area, Artistry at Winterfield in Powhatan, and Canopy at Ginter Park in the city’s Northside. It closed another $100 million-plus deal in 2019 when it sold its 2000 West Creek complex to Henrico-based Capital Square for $103 million.
Bristol’s latest local project is a 279-unit apartment building off Telegraph Road near the former Virginia Center Commons site. Hanchrow said framing is beginning to go up on that building, and that the company remains bullish on the Richmond area.
“We’ve always got our eyes opened in Richmond for the next opportunity,” he said.
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Per Dew White’s presentation at the local MF Summit, the metrics for apartment construction, rentals and investment sales in Richmond are the strongest in the southeast. His team continues to prove it to be true with more than a dozen such sales locally since October. Look at how remote this location is, miles into soccer mom territory, requiring every resident to be mobile for their job, services or recreation. This isn’t the “west end”, it’s the south end of West Creek, way beyond Henrico County. Yet, another 335 apartments are built, leased and the property sold within a month or… Read more »
I wouldn’t say it’s “way beyond Henrico”, considering the Henrico line is only about 1 mile or less east on Patterson Ave. The convenience to Rt 288 are what make this location ideal for commuters (it’s literally adjacent to Rt 288). This section of Westcreek is slow to grow…..but it’s coming!