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Tag: multifamily property

Two Roanoke apartment properties sell for $3.35M

A 26-unit multifamily community and a 16-unit apartment complex in Roanoke sold together for $3.35 million on Feb. 10.

Located at 2002 Langdon Road SW, the 26-unit community, Langdon Square at Raleigh Court, has 22 garden-style apartments built in 1985 and four townhomes built in 1990. The structure is 59,407 square feet total, according to city property records. Briskwood Apartments, located on 1401 3rd St. SW, has 16 one-bedroom, one-bath garden-style apartments, at almost 15,000 square feet, according to property records. The three-story brick building was built in 1968.

Sweetbay Capital purchased the portfolio from C and D Associates LLP. Clay Taylor from Cushman & Wakefield | Thalhimer’s Capital Markets Group represented the seller. Sweetbay Capital is planning interior and exterior renovations.

Midlothian luxury apartment complex begins construction

Bainbridge Cos. has started construction in Chesterfield County on the 310-unit Bainbridge Midlothian luxury apartment complex, the Florida-based multifamily real estate company announced in mid-February.

Bainbridge estimates the approximately 26.3-acre project at 12400 Dutton Road will be complete next summer. Units will range from 700 to 1,560 square feet, with one-, two- and three-bedroom options.

The company purchased the property in June 2022, Chesterfield County property records show. Bainbridge bought seven lots totaling 21.8 acres for $820,000. It paid $200,000 for the remaining 4.48 acres at 12231 Old Buckingham Road.

Located near the Walmart Supercenter and Sam’s Club stores on Midlothian Turnpike, the complex will have a pool and sundeck, a clubhouse with work-from-home spaces, a fitness center, a pickleball court, a pet spa and outdoor amenities including a dog park.

“Bainbridge Midlothian is an exciting milestone for our company, as it officially marks our entrance into the Richmond, Virginia, market,” Greg Cavanaugh, Bainbridge senior vice president of mid-Atlantic development, said in a statement.

Since its founding in 1997, Bainbridge has developed and acquired more than 43,000 rental homes representing $7.5 billion in transactions. The company has more than 650 employees. Based in Wellington, Florida, Bainbridge has additional offices in Florida, Georgia, North Carolina, Texas and Washington, D.C.

$41.9M apartment building coming to Richmond’s Manchester neighborhood

Atlanta and Washington, D.C.-based developer Capital City Real Estate is building a seven-story, 173,000-square-foot multifamily project in Richmond’s Manchester neighborhood about a mile from downtown Richmond. Colliers, which assisted with the financing, announced the $41.9 million project Nov. 11.

Commodore will have 173 residential units and 3,500 square feet of ground-floor retail space. Construction is set to begin in the fourth quarter and will be complete in the second quarter of 2023, according to a news release from Colliers Structured Finance Advisory Group, which provided the financing. The property will have one-, two- and three-bedroom apartments.

Colliers closed a $41.9 million debt and equity raise for the project.

Colliers’ Jeremy Thornton, Andrew Gibson and Nicole Sayers sourced a loan valued at $27.5 million with a regional bank on behalf of the developer and helped raise $14.4 million in equity with an institutional partner.

New luxury apartments coming to downtown Norfolk

With $56.2 million in financing in place, Marathon Development Group’s Frank “Buddy” Gadams is ready to start work on “Gravity 400 Apartments,” in downtown Norfolk, Berkadia Commercial Mortgage LLC and Breeden Construction announced.

Located at 400 Waterside Drive, the 273-unit high-rise apartment tower will be have studio, one-, two-, and three-bedroom floor plans, in a six-story apartment building, with a garage and common areas on the first floor and five floors of apartments above. Convenient to MacArthur Square Station, the Elizabeth River and Interstate 264, the development will also feature a fitness center, club room, courtyard with a swimming pool, grilling stations and firepits.

Amy Gay of Berkadia secured the construction financing through a HUD 221(d)(4) loan through the Green MIP Reduction program.

Breeden Construction will be the general contractor and construction is set to begin in late November and take 22 months to complete, according to a news release from Breeden. The cost of the project is $45.8 million.