Chesterfield County’s multifamily real estate market drew upwards of $165 million in deals last week, driven in part by so-called 1031 exchanges.
The day before the Rivermont sale, a local buyer on the other side of 1031 exchanges added to its portfolio of investment properties with the purchase of the Axis 147 apartments for $39.5 million. The 296-unit complex is located behind Huguenot Village Shopping Center near Chesterfield Towne Center.
The buyer was Capital Square 1031, a Glen Allen-based firm that purchases commercial and multifamily real estate and sells ownership shares in each property to pools of investors through 1031 exchanges.
The seller was Huguenot Associates LLC, a partnership between Dallas-based Lincoln Property Co. and Arlington-based Ritz Banc Group. They were represented in the transaction by Colliers International agents Will Mathews, Carter Wood, Jason Hetherington and Bruce Milam.
Aden Park & Glenway Green, a 50-year-old property totaling 538 units at 435 German School Road, sold Sept. 21 for $46.55 million.
The buyer was Hivernan Realty Group, a Colorado-based real estate firm that owns two other properties in the Richmond market: the 278-unit Rollingwood Apartments and the 192-unit South Pointe Landing Apartments, both in Chesterfield.
The seller was an entity tied to Weinstein Properties, a Glen Allen-based firm whose local properties include the nearly 700-unit Kings Crossing apartments in Henrico County.
Colliers’ Austin Weathington and Jason Hetherington joined Mathews and Wood in representing Weinstein in the sale. Wood said the 50-year-old property was 97 percent occupied at closing and attracted interest from investors in outside markets seeking better capitalization rates – a property’s rate of return on investment based on the income it generates.