Cushman & Wakefield | Thalhimer Starts Year With 3 Residential Deals

Cushman & Wakefield | Thalhimer has entered the New Year at full throttle. The commercial real estate services firm was involved in three different transactions on the Richmond residential market.

Cushman & Wakefield | Thalhimer has kicked off the new year at full speed, handling three separate residential deals.

Thalhimer Realty Partners Inc., an investment and development affiliate of the firm, acquired Timbercreek Apartments in a $3.5 million deal. Located at 2200 Chateau Drive, close to Chippenham Parkway and downtown Richmond, the property comprises 160 2-bedroom units averaging 777 square feet.

Thalhimer Realty Partners said in a statement that the property was about 95 percent leased at the time of purchase. Timbercreek Apartments was acquired through auction.com from an entity controlled by C-III Asset Management. Cushman & Wakefield | Thalhimer will manage the property.

In another Richmond multi-family transaction, Cushman & Wakefield | Thalhimer arranged the sale of Brookland Park Plaza, a 77-unit, age-restricted complex at 1221 E. Brookland Park Blvd.  Community Housing Inc. paid $600,000 for the asset and plans to redevelop the property. The seller, Wells Fargo Bank N.A., was represented  by Cushman & Wakefield | Thalhimer’s Jeffrey Cooke.

Built in 1909 as a city school, Brookland Park Plaza was converted to multifamily use in 1990. The three-story, 127,632-square-foot building is listed on the National Register of Historic Properties.

And in Chesterfield County, Cushman & Wakefield | Thalhimer’s Pete Waldbauer represented Cornerstone Homes L.L.C. in the $1 million acquisition of a 30-acre parcel in the Pointe at Magnolia Lakes neighborhood. Located on Ironbridge Road at Chalkley Road, the parcel was sold by Atlas VA I SPE L.L.C. Cornerstone Homes plans to build no-maintenance, energy-efficient  homes designed for active lifestyles.

Photo credits: http://www.thalhimer.com