Hot Apartment Market in Richmond Sees Robust Sales

The hot Richmond apartment market is about to make two more victims.

By Adrian Maties, Associate Editor

Aspen Station

The hot Richmond apartment market is about to make more victims. In recent weeks, two more apartment complexes in the area have been listed for sale by their owners.

The Richmond BizSense reported that the Aspen Station complex in Henrico County and the Ashton Creek Apartments in Chesterfield County are now both on the market. The first has a price tag of $26 million, while the second has been listed for $25 million.

South Caroline-based Bell Partners owns the 232-unit Aspen Station apartment community at 1500 Forest Run Drive. The property offers one-, two- and three-bedroom apartment homes, ranging in size from 635 square feet to 1,056 square feet, with rents going from $826 to $1,439 per month. Bell Partners purchased the apartment community in 2008 for $18.7 million. According to the Richmond BizSense, Wink Ewing of ARA Newmark is handling the Aspen Station sale.

Ashton Creek Apartments is located on 26 acres of land at 4201 Creek Way in Chester. The property consists of 26 buildings and, just like Aspen Station, it also offers 232 one-, two-, and three-bedroom apartments. Units range in size from 710 to 1,208 square feet, with rents going from $850 to $1,065 per month. PropertyShark reports that Ashton Creek Barnaby LLC owns the apartment community. The entity purchased Ashton Creek in 2006 for $19.4 million. Richmond BizSense reported that Marcus & Millichap broker Chris Chadwick has been retained to market the community.

Richmond apartment buildings have been selling like hotcakes this year. Laurel Pines, Match Point Apartments, Coliseum Lofts and the Huguenot Apartments are just some of the properties in this area which have changed hands in the past few months.

Photo credit: Bell Partners