Monument Buys Richmond M-F Property
- Mar 22, 2015
Interest in Virginia multifamily properties stayed healthy during the first quarter of 2015, as demonstrated by a recent transaction near Richmond International Airport.
In a $6.6 million deal, Miami-based Monument Real Estate Services has acquired Laurel Pines, an apartment community located at 4123 East Wood Harbor Court.
Completed in 1988, the property offers 120 one-, two- and three-bedroom units ranging in size from 735 to 1,149 square feet. According to RENTCafe, monthly rents range from $830 to $1,130. Community amenities include a fitness center, pool, tennis courts and clubhouse.
Multi Housing Advisors, which represented the unnamed seller of the Richmnond property, also announced the sale of a property in Salem. Yorkshire Holdings L.L.C. bought the 132-unit Northview for $4.6 million from Northview Associates L.L.C.
Multifamily investors have been highly active in Virginia of late. In early March, Virginia Business reported that Baron Realty Advisors purchased the 216-unit Bainbridge Hampton Roads Crossing in Suffolk for $35 million. And three other Hampton Roads apartment communities, the 244-unit Bancroft Hall Apartments, the 288-unit Woodshire Apartments, and the 312-unit Birches, changed hands in December.
Photo credit: RENTCafe