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| Aspen Station Apartments, 1500 Forest Run Drive, Richmond, VA |
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| Michael Flaherty |
Sacramento, CA, June 30,
2016 – A partnership between L5 Investments and BH Equities has acquired Aspen Station Apartments, a 232-unit
apartment community for $22.9 million in Richmond, VA.
Built in 1980, the
property is situated on 17.13 acres and is located at 1500 Forest Run Drive
near E. Parham Road and Interstate 95.
Aspen Station is a
garden-style community that features a swimming pool, clubhouse with business
center, lighted tennis and basketball courts, car wash and vacuum station, and
picnic area with charcoal grills throughout the property.
The unit mix includes
98 one-bedroom units, 116 two-bedroom units, and 18 three-bedroom units. Each
unit includes a full-size washer and dryer and a private balcony or patio.
The new ownership plans on
investing in excess of $2.6 million for an extensive renovation and
repositioning of the asset.
This will include a complete remodel of the leasing
and business center; remodel of fitness center to nearly double in size and
include state-of-the-art equipment; upgrades to flooring, cabinets, counters,
lighting, fixtures, and appliances in unit interiors; improve landscaping;
upgrades to tennis and basketball courts; addition of a new sport court and dog
park; and new monument and directional signage.
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| Laura Cathlina |
Additionally, in a strategic
move to enhance Aspen Station’s operational functions, BH Equities will manage
the property through BH Management Services, its property management arm.
“Although we have numerous
apartment assets in growing areas throughout the country, this acquisition
marks L5 Investments’ first in the State of Virginia,” said Michael Flaherty, founder and managing
partner of L5 Investments, a Northern California-based multifamily investment
firm.
“By partnering with BH Equities, an
experienced investor and asset manager with strong local market experience, we
believe we can raise the bar for Aspen Station and attracting new residents who
are seeking a high-end apartment community with quality interior spaces,
amenities, and proactive management.”
“BH has a long lasting
relationship with L5 Investments, and we’re very excited to expand that
relationship in the Richmond, Virginia market where we currently manage six
properties and close to 2,000 units,” said BH Equities Director of Acquisitions
Mike Baker.
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| Wink Ewing |
Named by Zillow as the
nation’s fourth hottest housing market of 2016, the greater Richmond market is
home to 1.25 million residents and shows signs of continued growth.
Richmond
has been outpacing many of the other metro areas of Virginia and is growing faster
than the nation as a whole. The pro-business area includes a number of Fortune
1000 companies and has also recently been attracting both new start-ups and
established firms.
Laura Cathlina
with Berkadia Commercial Mortgage provided the debt. Wink Ewing with ARA Newmark represented both the buyer and the
seller.
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
