Richmond, VA, April 3, 2018 – The Ashland Towne Square apartment community in Hanover County has been sold to new owners. Ashland Towne Square has been owned and operated by R. C. Evans Management Group, Inc., its principals and investors since 2001.

Ashland Towne Square features 218 one-, two- and three-bedroom floor plans across 30 buildings.  The property offers a pool, tennis courts, pet park, laundry facilities and a picnic pavilion. The property was built in 1974 and has been well maintained throughout the years.  Conveniently located off N Washington Highway, Ashland Towne Square is within Ashland town limits, close to I-95, shopping, dining and Randolph-Macon College.

The 14.05 acre property sold to Ashland Apartment Associates, LP, for $27,250,000 on March 27th. Bruce Milam, Jason Hetherington, SIOR, and Carter Wood of Colliers International | Richmond, and Will Mathews of Colliers International | Atlanta represented the seller, Ashland Towne Square, LLC, in the transaction. 

Colliers East Region Multifamily Advisory Group is one of the largest and most experienced teams of multifamily specialists in the industry with more than 30 dedicated multifamily professionals and advisors in over 24 states. The Richmond Colliers team has been responsible for approximately $180M in multifamily sales over the last two years.

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Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. 

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers has also been ranked the number one property manager in the world by Commercial Property Executive for two years in a row. 

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For further information, please contact:

Statia Gibson, Director of Research & Communications
Colliers International Richmond & Norfolk
Phone: 804-591-2439