Henrico townhouse complex sells for $18.5M

The Townhomes of Oakley, a 160-unit multifamily property in eastern Henrico County, has sold for $18.5 million, Cushman & Wakefield announced Thursday.

Located at 4633 Needham Court near the Richmond International Airport, the property is 99% leased and has eight one-bedroom units, 112 two-bedroom units, 36 three-bedroom units and four four-bedroom units, all of which are undergoing significant renovations, including the replacement of roofs, windows and other exterior improvements along with updated kitchens and bathrooms.

Thalhimer Realty Partners sold the property to Bethesda, Maryland-based Walde Management LLC.

“This was a unique transaction in that the property is in the Low Income Housing Tax Credit (LIHTC) program with nine years of remaining affordability.  We saw significant interest from a diverse group of investors including traditional purchasers of affordable housing and market-rate buyers,” Jorge Rosa said in a news release. “The ultimate purchaser is a long-term holder and was attracted to the growth in eastern Henrico County as well as the townhome-style construction of the asset.”

Rosa and TJ Liberto, both of Cushman & Wakefield, represented the owner in the transaction.