Aspen Station Apartments in Richmond sell for $22.9 million

A partnership between L5 Investments and BH Equities has acquired Aspen Station Apartments, a 232-unit apartment community in Richmond, for $22.9 million.

Built in 1980, the property is located on 17.1 acres at 1500 Forest Run Drive near E. Parham Road and Interstate 95.

Aspen Station is a garden-style community with a swimming pool, clubhouse and other amenities. Its unit mix includes 98 one-bedroom units, 116 two-bedroom units and 18 three-bedroom units.

The new ownership said it plans on investing more than $2.6 million for an extensive renovation and repositioning of the asset. This will include a complete remodel of the leasing and business center and the fitness center to nearly double its size.

The owners also plan upgrades to flooring, cabinets, counters, lighting, fixtures and appliances. They will add a new sport court, dog park and directional signage.

BH Equities, a division of BH Cos., based out of Des Moines, Iowa, will manage the property through BH Management Services, its property management arm.

“BH has a long lasting relationship with L5 Investments, and we’re very excited to expand that relationship in the Richmond, Va., market where we currently manage six properties and close to 2,000 units,” BH Equities Director of Acquisitions Mike Baker said in a statement.

Aspen Station represents L5 Investments first acquisition in the Richmond.

Laura Cathlina with Berkadia Commercial Mortgage provided the debt for the transaction.  Wink Ewing with ARA Newmark represented both the buyer and the seller.