Henrico apartment complex sells for $15M; buyer plans $6M renovation

A Western Henrico apartment complicated for reduced-cash flow renters is set to receive a multimillion-greenback improve after its sale very last thirty day period to a West Coast buyer.

The 114-unit Area One Flats at 4222 Almora Ave. sold Might 24 for $15.75 million. The buyer is an entity tied to Preservation Partners Management Group, a California-centered company that programs to expend more than $55,000 for every device on the sophisticated in an expenditure totaling just about $6.3 million.

The seller was an entity named SP Spot One particular LP, which purchased the 8-acre assets for $4.45 million in 2005. Henrico County most not too long ago assessed the assets at $9.97 million.

PPMG’s obtain and rehab are staying financed with $18 million in bonds authorized by the Henrico Board of Supervisors in April. The bonds are remaining issued by the Suffolk Redevelopment and Housing Authority, which PPMG is working with to secure the financing mainly because Henrico does not have a housing authority.

A equivalent circumstance performed out with Hope Village Flats, a federally sponsored condominium sophisticated off Mountain Highway in Glen Allen that done a $5 million improve in 2019.

That job was the initially to be accomplished to federally sponsored housing in Henrico with involvement from the county by way of a memorandum of being familiar with, allowing for Henrico to have enter in the upgrades.

A comparable MOU was carried out with Put A person, which is established to get hearth basic safety advancements, carbon monoxide detection products, playground updates, landscaping, exterior lights advancements, kitchen area and rest room upgrades, and roof and fencing advancements.

Crafted in 1980, Put One is composed of many three-story setting up clusters totaling 93,200 square feet. The assets is found beside the Abbington West Close and Fox Rest apartments off Bremner Boulevard, involving Staples Mill Highway and West Broad Street.

Centered on attaining, rehabbing and preserving subsidized housing, PPMG has a portfolio totaling 85 attributes in 7 states, in accordance to its internet site. It has a person other assets in Virginia: the 292-device Colonial Ridge Residences in Colonial Heights.

Tries to achieve the organization for remark were unsuccessful Monday.

The Put One particular challenge adds to other multifamily housing investments being manufactured in that part of the county. The assets is close to Wistar Glen, a 15-acre project from Stanley Martin Residences that is incorporating 136 condos and 24 townhomes west of Broad Street. Nearby on Broad, Stanley Martin also is building its 200-apartment West Wide Landing development.

Farther south, off Glenside Drive, the 297-unit Carriage Hill Apartments sold in 2019 for $32.2 million. The customer was Brentwood Expense Group, one of the firms driving the renovations underway at Imperial Plaza in Richmond.