Industries Commercial Real Estate

Apartment community in Ashland sells for $27.3 million

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The 218-unit Ashland Towne Square apartment community in Hanover County has been sold to new owners for $27.3 million.


According to Colliers International | Richmond, the 14-acre property was sold in late March to Ashland Apartment Associates LP.  Midlothian-based R.C. Evans Management Group Inc. had owned and operated the property since 2001.


Ashland Towne Square offers one-, two- and three-bedroom floor plans in 30 buildings. Amenities include a pool, tennis courts, pet park, laundry facilities and picnic pavilion.


The property, built in 1974, “has been meticulously maintained,” says Bruce Milam, one of the Colliers brokers involved with the transaction.


The development is close to I-95 in Ashland and is near shops, restaurants and Randolph-Macon College.


Milam, Jason Hetherington and Carter Wood of Colliers International | Richmond and Will Mathews of Colliers International | Atlanta represented the seller in the transaction.


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