A small apartment complex on Chamberlayne Avenue sold last week. Photo by Katie Demeria.
An out-of-town real estate firm can’t get enough of Chamberlayne Avenue.
New York-based Cedar Grove Partners LLC purchased the 40-unit apartment property at 3807 Chamberlayne Ave. on Feb. 1, its third acquisition on that stretch of Northside in less than a year.
The latest $1.44 million purchase comes shortly after Cedar Grove snagged over 200 units just up the road last month for $7.7 million. And last September it bought a portfolio of 12 apartment buildings with more than 300 units for $10.5 million.
The company, managed by Aaron Gorin, has invested almost $20 million in Chamberlayne Avenue and now owns more than 600 units in the corridor.
“(Cedar Grove’s) goal is to just buy units on Chamberlayne and consolidate,” said Tom Rosman, a broker with One South Commercial who represented the seller in this latest deal. “They want to uplift the rental market, cleaning up the units, and making them a better product.”
The seller was a Northern Virginia-based entity called MBI-R1 LLC, which purchased the property in 2013 for $1.1 million, according to city records.
Rosman said the 40-unit property was never on the market; he approached the seller and suggested the deal, knowing of Cedar Grove’s interest in Chamberlayne Avenue properties. Cedar Grove was unrepresented and could not be reached for comment.
Rosman said Cedar Grove’s strategy is to have enough properties in the area to make managing and upgrading them a practical endeavor.
“I think because there are a lot of scattered owners on (Chamberlayne Avenue), they feel it’s a good possibility for them,” Rosman said.
The property at 3807 Chamberlayne Ave. has mostly one-bedroom units with a few two-bedrooms. It is currently about 95 percent occupied. The three-story property was constructed in 1963, city records show.
Rosman said Cedar Grove plans to invest in upgrades, particularly to the kitchens and baths in the building.
This was the seller’s only property in Richmond, but Rosman said it is still interested in the market.
A small apartment complex on Chamberlayne Avenue sold last week. Photo by Katie Demeria.
An out-of-town real estate firm can’t get enough of Chamberlayne Avenue.
New York-based Cedar Grove Partners LLC purchased the 40-unit apartment property at 3807 Chamberlayne Ave. on Feb. 1, its third acquisition on that stretch of Northside in less than a year.
The latest $1.44 million purchase comes shortly after Cedar Grove snagged over 200 units just up the road last month for $7.7 million. And last September it bought a portfolio of 12 apartment buildings with more than 300 units for $10.5 million.
The company, managed by Aaron Gorin, has invested almost $20 million in Chamberlayne Avenue and now owns more than 600 units in the corridor.
“(Cedar Grove’s) goal is to just buy units on Chamberlayne and consolidate,” said Tom Rosman, a broker with One South Commercial who represented the seller in this latest deal. “They want to uplift the rental market, cleaning up the units, and making them a better product.”
The seller was a Northern Virginia-based entity called MBI-R1 LLC, which purchased the property in 2013 for $1.1 million, according to city records.
Rosman said the 40-unit property was never on the market; he approached the seller and suggested the deal, knowing of Cedar Grove’s interest in Chamberlayne Avenue properties. Cedar Grove was unrepresented and could not be reached for comment.
Rosman said Cedar Grove’s strategy is to have enough properties in the area to make managing and upgrading them a practical endeavor.
“I think because there are a lot of scattered owners on (Chamberlayne Avenue), they feel it’s a good possibility for them,” Rosman said.
The property at 3807 Chamberlayne Ave. has mostly one-bedroom units with a few two-bedrooms. It is currently about 95 percent occupied. The three-story property was constructed in 1963, city records show.
Rosman said Cedar Grove plans to invest in upgrades, particularly to the kitchens and baths in the building.
This was the seller’s only property in Richmond, but Rosman said it is still interested in the market.