“These guys are also reaching a point in their age where they looked around and said, ‘Maybe we should just sell the whole deal and let somebody else build it,’” said broker Bruce Milam.
The local developer wants to replace a parking lot adjacent to his office at 208-212 E. Leigh St. with 63 apartments in a five-story structure.
The purchase price for the Crystal Lakes Apartments equates to just over $148,000 per door. It last sold for $37.5 million in 2017.
Their latest real estate investment was a mixed-use building at 322 N. 25th St. for $1.8 million.
The Dominion Realty Partners development is the latest in a string of apartment complexes slated for the transitioning office park in western Henrico.
The county plans to rezone the “Upper Magnolia Green” property for the tech park and a 700-acre area for single-family homes and public facilities.
The West End purchase was the second house in metro Richmond to surpass the $3 million mark this year.
Main Street Homes has signed on for the first phase of the project that former owners of Richmond Raceway are planning across Midlothian Turnpike from Winterfield Crossing.
The Lattice Hall subdivision is planned for a 155-acre site along Genito Road west of Otterdale Road, near Swift Creek Reservoir.
Zac Frederick’s Crescent Preservation & Development wants to build 39 apartments between a Bank of America branch and a Mexican restaurant.
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