Richmond, September 21, 2018 – The Colliers International East Region Multifamily Advisory Group represented Huguenot Associates, LLC in the $39.5 million sale of Axis 147, a value-add, 296-unit multifamily asset in Richmond, Virginia.
Will Mathews, Carter Wood, Jason Hetherington, and Bruce Milam of the Colliers International East Region Multifamily Advisory Group team represented the seller in the transaction, a partnership between Lincoln Property Company and Ritz Banc Group.
“This was a rare opportunity to purchase an institutional quality value-add asset with tremendous upside potential, below replacement cost.” said Mathews, Principal and Senior Vice President of Colliers East Region Multifamily Advisory Group.
"Our on-site team at Axis 147 did such a tremendous job renovating and repositioning the property over the past three years. It has become such a solidly performing asset, that we were somewhat reluctant to sell it. However, Will Mathews and the Colliers team ran a great sales process and we were able to realize a better than projected return for our partner Ritz Banc Group." said Ted Egner, Director of Acquisitions and Development, from Lincoln Property Company.
Amer el Souki, Co-Founder and Managing Director, from Ritz Banc Group added, "This transaction truly felt like a win-win for everyone involved. We were able to achieve our investment goals and also work with a great buyer in Capital Square 1031."
“We are very excited about the acquisition of Axis 147. The strong regional demographics coupled with the property’s outstanding location within the Richmond MSA clearly support our value-add strategy. Will Mathews and the Colliers team were extraordinary from start to finish. Their broad transaction capabilities helped us to close on schedule and without issue.” said Whitson Huffman, Vice President of Acquisitions at Capital Square 1031.
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Statia Gibson, Director of Research & Communications
Colliers International | Richmond & Norfolk