Multifamily properties sell in Richmond and Lynchburg

The commercial real estate firm Berkadia has announced sales totaling just under $34 million for three multifamily properties in Virginia.

The properties were Ashton Square and Westover Hills in Richmond and Old Mill Townhomes in Lynchburg.

Senior Directors Alan Meetze and David Hudgins of Berkadia’s Newport News office led the transactions. 

Ashton Square was sold for $20.75 million, or $55,780 per unit, by Ashton Square Apartments GP LLC. The buyer was Seminole Trail Annex LLC. Berkadia team represented the seller.

The 372-unit, three-story property was built in 1964 and is located at 603 Westover Hills Blvd in South Side Richmond.

Westover Hills is a 38-unit multifamily property which sold for $2.47 million, or $65,000 per unit. It is located next door to Ashton Square at 602 Westover Hills Blvd.

The seller was Richmond-based Thalhimer Realty Partners. Seminole Trail Annex was again the buyer.

Old Mill Townhomes is 156-unit property located at 725 Mill Stream Lane in Lynchburg. Built in 1975, the property sold for $10.75 million, $68,910 per unit, to Old Mill Acquisitions. Berkadia represented the seller, Richmond-based DD Overlook LLC.

Berkadia is a joint venture of Berkshire Hathaway and Jefferies Financial Group.