Seniors Housing Community Changes Hands
- May 27, 2015
A Richmond affordable seniors housing community changed hands this month. Forest Hills Apartments L.P. sold The Arbors to Atlantic Multi Family 9—Arbors, L.L.C. Terms were not disclosed.
Located at 7608 Forest Hill Ave., The Arbors was completed in 1999 and is reserved for senior residents. The three-story property offers 85 one-, two- and three-bedroom units averaging 610 square feet in size. Community amenities include 24-hour staff, chef-prepared meals, weekly housekeeping and more.
The Greysteel Co., a real estate investment services firm based in Washington, D.C., arranged the transaction. Greysteel’s Mid-Atlantic multifamily investment sales team represented the seller.
John Mullen, a senior director with Greysteel, noted in a statement that The Arbors is located in a market with a limited supply of senior communities and a growing senior population.
Citing data from NIC MAP Data Research, Mullen added that the Richmond area’s inventory of seniors housing is expected to grow 1.8 percent annually, and absorption is projected to increase 2.4 percent.
Photos courtesy of The Greysteel Company.