DRA Buys Richmond Assets as Part of $298M M-F Deal
- Aug 08, 2012
Two West End apartment complexes have changed hands as part of the largest multi-family portfolio sale so far this year. Dominion Creekwood and Dominion West End accounted for about $80 million of a deal that closed on June 28.
The two properties are part of a nine-asset portfolio acquired for $297.8 million by New York City-based DRA Advisors from UDR Inc. In addition to the Richmond properties, DRA also acquired apartment communities in Jacksonville, Fla., and Dallas. UDR, the Denver-based REIT, was represented in the sale by Apartment Realty Advisors.
The 500-unit Dominion Creekwood–now known as the Villages at West Laurel–was built in the late 1970s and early 1980s and has 500 units. It is located in western Henrico, close to I-64, I-295 and I-95. The community offers one-, two-, and three-bedroom apartments in both town home and garden-style homes. Amenities include large closets, a private patio or balcony, washer and dryer, two swimming pools, 24-hour fitness center, multiple playgrounds, tennis courts and a car wash station.
Completed in 1989, the 350-unit Dominion West has been re-branded the Trails at Short Pump and is located near I-295, I-64, and Rt. 288, in Richmond. The community is near Short Pump Towne Center, West Broad Village, Henrico County Schools, West Creek, and Short Pump Park. Residents can choose from one-, two-, and three-bedroom apartments with large closets, washer and dryer, microwave ovens, private patios or balconies. Other amenities include a fitness center, game room, a business center, swimming pool, pet park, and outdoor kitchen with pavilion.
Image courtesy of http://www.bellapartmentliving.com.